Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Trading Symbol | TGP |
Entity Registrant Name | Teekay LNG Partners L.P. |
Entity Central Index Key | 1,308,106 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 79,551,012 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Voyage revenues (note 12) | $ 397,991 | $ 402,928 | $ 399,276 |
Voyage expenses | (1,146) | (3,321) | (2,857) |
Vessel operating expenses (note 12) | (94,101) | (95,808) | (99,949) |
Depreciation and amortization | (92,253) | (94,127) | (97,884) |
General and administrative expenses (notes 12 and 17) | (25,118) | (23,860) | (20,444) |
Restructuring charge (note 18) | (4,001) | (1,989) | (1,786) |
Income from vessel operations | 181,372 | 183,823 | 176,356 |
Equity income (note 6) | 84,171 | 115,478 | 123,282 |
Interest expense (notes 5 and 10) | (43,259) | (60,414) | (55,703) |
Interest income | 2,501 | 3,052 | 2,972 |
Realized and unrealized loss on derivative instruments (note 13) | (20,022) | (44,682) | (14,000) |
Foreign currency exchange gain (loss) (notes 10 and 13) | 13,943 | 28,401 | (15,832) |
Other income | 1,526 | 836 | 1,396 |
Net income before income tax expense | 220,232 | 226,494 | 218,471 |
Income tax expense (note 11) | (2,722) | (7,567) | (5,156) |
Net income | 217,510 | 218,927 | 213,315 |
Non-controlling interest in net income | 16,627 | 13,489 | 12,073 |
General Partner's interest in net income | 26,276 | 31,187 | 25,365 |
Limited partners' interest in net income | $ 174,607 | $ 174,251 | $ 175,877 |
Limited partners' interest in net income per common unit: | |||
• Basic | $ 2.21 | $ 2.30 | $ 2.48 |
• Diluted | $ 2.21 | $ 2.30 | $ 2.48 |
Weighted-average number of common units outstanding: | |||
• Basic | 78,896,767 | 75,664,435 | 70,965,496 |
• Diluted | 78,961,102 | 75,702,886 | 70,996,869 |
Cash distributions declared per common unit | $ 2.8000 | $ 2.7672 | $ 2.7000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 217,510 | $ 218,927 | $ 213,315 |
Other comprehensive (loss) income: | |||
Unrealized (loss) gain on qualifying cash flow hedging instrument in equity accounted joint ventures before reclassifications, net of tax (note 6) | (1,723) | (3,085) | 131 |
Realized loss on qualifying cash flow hedging instrument in equity accounted joint ventures reclassified to equity income, net of tax (note 6) | 1,075 | 1,551 | |
Other comprehensive (loss) income | (648) | (1,534) | 131 |
Comprehensive income | 216,862 | 217,393 | 213,446 |
Non-controlling interest in comprehensive income | 16,627 | 13,489 | 12,073 |
General and limited partners' interest in comprehensive income | $ 200,235 | $ 203,904 | $ 201,373 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current | ||
Cash and cash equivalents | $ 102,481 | $ 159,639 |
Restricted cash - current | 6,600 | 3,000 |
Accounts receivable, including non-trade of $7,058 (2014 - $7,998) (note 6c) | 22,081 | 11,265 |
Prepaid expenses | 4,469 | 3,975 |
Current portion of net investments in direct financing leases (note 5) | 20,606 | 15,837 |
Advances to affiliates (note 12h) | 13,026 | 11,942 |
Total current assets | 169,263 | 205,658 |
Restricted cash - long-term (note 5) | 104,919 | 42,997 |
Vessels and equipment | ||
At cost, less accumulated depreciation of $666,710 (2014 - $588,735) | 1,595,077 | 1,659,807 |
Vessels under capital leases, at cost, less accumulated depreciation of $56,316 (2014 - $50,898) (note 5) | 88,215 | 91,776 |
Advances on newbuilding contracts (notes 12g and 14) | 424,868 | 237,647 |
Total vessels and equipment | 2,108,160 | 1,989,230 |
Investment in and advances to equity accounted joint ventures (notes 6, 7 and 12f) | 883,731 | 891,478 |
Net investments in direct financing leases (note 5) | 646,052 | 666,658 |
Other assets (note 6c) | 20,811 | 27,536 |
Derivative assets (note 13) | 5,623 | 441 |
Intangible assets - net (note 8) | 78,790 | 87,646 |
Goodwill - liquefied gas segment (note 8) | 35,631 | 35,631 |
Consolidated total assets | 4,052,980 | 3,947,275 |
Current | ||
Accounts payable | 2,770 | 643 |
Accrued liabilities (notes 9, 13 and 18) | 37,456 | 39,037 |
Unearned revenue (note 5) | 19,608 | 16,565 |
Current portion of long-term debt (note 10) | 197,197 | 157,088 |
Current obligations under capital lease (note 5) | 4,546 | 4,422 |
Current portion of in-process contracts (note 6c) | 12,173 | 4,736 |
Current portion of derivative liabilities (note 13) | 52,083 | 57,678 |
Advances from affiliates (notes 12h and 13) | 22,987 | 43,205 |
Total current liabilities | 348,820 | 323,374 |
Long-term debt (note 10) | 1,802,012 | 1,749,893 |
Long-term obligations under capital lease (note 5) | 54,581 | 59,128 |
Long-term unearned revenue | 30,333 | 33,938 |
Other long-term liabilities (notes 5, 6d and 6e) | 71,152 | 74,734 |
In-process contracts (note 6c) | 20,065 | 32,660 |
Derivative liabilities (note 13) | 182,338 | 126,177 |
Total liabilities | $ 2,509,301 | $ 2,399,904 |
Commitments and contingencies (notes 5, 6, 10, 13 and 14) | ||
Equity | ||
Limited Partners | $ 1,472,327 | $ 1,482,647 |
General Partner | 48,786 | 56,508 |
Accumulated other comprehensive loss | (2,051) | (1,403) |
Partners' equity | 1,519,062 | 1,537,752 |
Non-controlling interest | 24,617 | 9,619 |
Total equity | 1,543,679 | 1,547,371 |
Total liabilities and total equity | $ 4,052,980 | $ 3,947,275 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Non-trade accounts receivable | $ 7,058 | $ 7,998 |
Accumulated depreciation on vessel and equipment | 666,710 | 588,735 |
Accumulated depreciation on vessels under capital leases | $ 56,316 | $ 50,898 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net income | $ 217,510 | $ 218,927 | $ 213,315 |
Non-cash items: | |||
Unrealized (gain) loss on derivative instruments (note 13) | (12,375) | 2,096 | (22,568) |
Depreciation and amortization | 92,253 | 94,127 | 97,884 |
Unrealized foreign currency exchange (gain) loss (notes 10 and 13) | (22,876) | (34,079) | 16,019 |
Equity income, net of dividends received of $97,146 (2014 - $11,005 and 2013 - $13,738) | 12,975 | (104,473) | (109,544) |
Amortization of deferred debt issuance costs and other | (3,214) | 9,148 | 5,551 |
Change in operating assets and liabilities (note 15a) | (34,187) | 18,822 | 10,078 |
Expenditures for dry docking | (10,357) | (13,471) | (27,203) |
Net operating cash flow | 239,729 | 191,097 | 183,532 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 391,574 | 944,123 | 719,300 |
Scheduled repayments of long-term debt | (126,557) | (100,804) | (86,609) |
Prepayments of long-term debt | (90,000) | (608,501) | (270,000) |
Debt issuance costs | (2,856) | (6,431) | (3,362) |
Scheduled repayments and prepayments of capital lease obligations | (4,423) | (479,115) | (10,315) |
Proceeds from equity offerings, net of offering costs (note 16) | 35,374 | 182,139 | 190,520 |
(Increase) decrease in restricted cash | (30,321) | 448,914 | 27,761 |
Cash distributions paid | (255,519) | (240,525) | (215,416) |
Novation of derivative liabilities (note 12e) | 2,985 | ||
Dividends paid to non-controlling interest | (1,629) | (42,716) | (373) |
Net financing cash flow | (84,357) | 100,069 | 351,506 |
INVESTING ACTIVITIES | |||
Purchase of and additional capital contributions in equity accounted investments (note 15h) | (25,852) | (100,200) | (135,790) |
Loan repayments from (advances to) equity accounted joint ventures | 23,744 | 631 | (16,822) |
Receipts from direct financing leases | 15,837 | 17,200 | 11,641 |
Expenditures for vessels and equipment (note 15f) | (191,969) | (188,855) | (368,163) |
Increase in restricted cash | (34,290) | ||
Other | 216 | ||
Net investing cash flow | (212,530) | (271,008) | (509,134) |
(Decrease) increase in cash and cash equivalents | (57,158) | 20,158 | 25,904 |
Cash and cash equivalents, beginning of the year | 159,639 | 139,481 | 113,577 |
Cash and cash equivalents, end of the year | $ 102,481 | $ 159,639 | $ 139,481 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Dividends received | $ 97,146 | $ 11,005 | $ 13,738 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Total Equity - USD ($) shares in Thousands, $ in Thousands | Total | General Partner [Member] | Common Stock [Member]Limited Partners [Member] | Total Equity Partners' Equity Accumulated Other Comprehensive Loss [Member] | Total Equity Non-controlling Interest [Member] |
Beginning balance at Dec. 31, 2012 | $ 1,254,274 | $ 47,346 | $ 1,165,634 | $ 41,294 | |
Beginning balance, units at Dec. 31, 2012 | 69,684 | ||||
Net income | 213,315 | 25,365 | $ 175,877 | 12,073 | |
Other comprehensive income (loss) | 131 | $ 131 | |||
Cash distributions | (215,789) | (24,136) | (191,280) | (373) | |
Equity based compensation, net of tax (note 17) | 1,333 | 27 | $ 1,306 | ||
Equity based compensation, net of tax (note 17), units | 7 | ||||
Proceeds from equity offerings (note 16) | 190,520 | 3,924 | $ 186,596 | ||
Proceeds from equity offerings (note 16), units | 4,505 | ||||
Ending balance at Dec. 31, 2013 | 1,443,784 | 52,526 | $ 1,338,133 | 131 | 52,994 |
Ending balance, units at Dec. 31, 2013 | 74,196 | ||||
Net income | 218,927 | 31,187 | $ 174,251 | 13,489 | |
Other comprehensive income (loss) | (1,534) | (1,534) | |||
Cash distributions | (240,525) | (30,900) | (209,625) | ||
Dividends paid to non-controlling interest | (57,080) | (57,080) | |||
Equity based compensation, net of tax (note 17) | 1,444 | 29 | $ 1,415 | ||
Equity based compensation, net of tax (note 17), units | 17 | ||||
Proceeds from equity offerings (note 16) | 182,139 | 3,666 | $ 178,473 | ||
Proceeds from equity offerings (note 16), units | 4,140 | ||||
Sale of 1% interest in Norgas Napa to General Partner (note 12d) | 216 | 216 | |||
Ending balance at Dec. 31, 2014 | 1,547,371 | 56,508 | $ 1,482,647 | (1,403) | 9,619 |
Ending balance, units at Dec. 31, 2014 | 78,353 | ||||
Net income | 217,510 | 26,276 | $ 174,607 | 16,627 | |
Other comprehensive income (loss) | (648) | (648) | |||
Cash distributions | (255,519) | (34,747) | (220,772) | ||
Dividends paid to non-controlling interest | (1,629) | (1,629) | |||
Equity based compensation, net of tax (note 17) | 1,220 | 24 | $ 1,196 | ||
Equity based compensation, net of tax (note 17), units | 25 | ||||
Proceeds from equity offerings (note 16) | 35,374 | 725 | $ 34,649 | ||
Proceeds from equity offerings (note 16), units | 1,173 | ||||
Ending balance at Dec. 31, 2015 | $ 1,543,679 | $ 48,786 | $ 1,472,327 | $ (2,051) | $ 24,617 |
Ending balance, units at Dec. 31, 2015 | 79,551 |
Consolidated Statement of Chan9
Consolidated Statement of Changes in Total Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Partners' Capital [Abstract] | ||
Percentage Interest on Sale | 1.00% | |
Equity based compensation, tax (note 13) | $ 0.4 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP Partnership Significant intercompany balances and transactions have been eliminated upon consolidation. In addition, certain of the comparative figures as at December 31, 2014 have been reclassified to conform to the presentation adopted in the current period relating to debt issuance costs. As part of the adoption of Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ASU 2015-03 Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership and its subsidiaries is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income. Operating revenues and expenses The lease element of time-charters and bareboat charters accounted for as operating leases are recognized by the Partnership on a straight-line basis daily over the term of the charter as the applicable vessel operates under the charter. The lease element of the Partnership’s time-charters that are accounted for as direct financing leases are reflected on the balance sheets as net investments in direct financing leases. The lease element is recognized over the lease term using the effective interest rate method and is included in voyage revenues. The Partnership recognizes revenues from the non-lease element of time-charter contracts as services are performed. The Partnership does not recognize revenues during days that the vessel is off-hire. Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. Cash and cash equivalents The Partnership classifies all highly-liquid investments with a maturity date of three months or less when purchased as cash and cash equivalents. Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in existing accounts receivable. The Partnership determines the allowance based on historical write-off experience and customer economic data. The Partnership reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged against the allowance when the Partnership believes that the receivable will not be recovered. Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest and supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for conventional tankers, 30 years for liquefied petroleum gas (or LPG LNG Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Interest costs capitalized to vessels and equipment for the years ended December 31, 2015, 2014 and 2013 aggregated $8.2 million, $3.1 million and $1.3 million, respectively. Gains on vessels sold and leased back under capital leases are deferred and amortized over the remaining estimated useful life of the vessel. Losses on vessels sold and leased back under capital leases are recognized immediately to the extent that the fair value of the vessel at the time of sale-leaseback is less than its book value. Generally, the Partnership dry docks each of its vessels every five years. In addition, a shipping society classification intermediate survey is performed on the Partnership’s LNG and LPG carriers between the second and third year of the five-year dry-docking period. The Partnership capitalizes certain costs incurred during dry docking and for the survey and amortizes those costs on a straight-line basis from the completion of a dry docking or intermediate survey over the estimated useful life of the dry dock. The Partnership includes in capitalized dry docking those costs incurred as part of the dry docking to meet regulatory requirements, or expenditures that either add economic life to the vessel, increase the vessel’s earning capacity or improve the vessel’s operating efficiency. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking that do not improve operating efficiency or extend the useful lives of the assets. The following table summarizes the change in the Partnership’s capitalized dry docking costs, from January 1, 2013 to December 31, 2015: Year Ended December 31, 2015 $ 2014 $ 2013 $ Balance at January 1, 33,635 40,328 28,821 Cost incurred for dry docking 10,357 13,471 27,203 Sales of vessels (note 15e) — (5,327 ) (2,285 ) Dry-dock amortization (10,076 ) (14,837 ) (13,411 ) Balance at December 31, 33,916 33,635 40,328 Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. Investments in and advances to equity accounted joint ventures The Partnership’s investments in certain joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Partnership’s proportionate share of earnings or losses and distributions. In addition, the Partnership’s advances to equity accounted joint ventures are recorded at cost. The Partnership evaluates its investment in and advances to equity accounted joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income. Debt issuance costs Debt issuance costs, including fees, commissions and legal expenses, are presented as a direct reduction from the carrying amount of the debt liability and are amortized on an effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. Goodwill and intangible assets Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. The Partnership’s finite life intangible assets consist of acquired time-charter contracts and are amortized on a straight-line basis over the remaining term of the time-charters. Finite life intangible assets are assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheet and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. At December 31, 2015, the Partnership has not applied hedge accounting to its derivative instruments, except for several interest rate swaps in its equity accounted joint ventures (see note 6). When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the consolidated statements of income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of income. If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item (e.g. interest expense) in the consolidated statements of income. If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the consolidated statements of income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ASC Derivatives and Hedging Toledo Spirit Unit-based compensation The Partnership grants restricted unit awards as incentive-based compensation under the Teekay LNG Partners L.P. 2005 Long-Term Incentive Plan to certain of the Partnership’s employees and to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership. The Partnership measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For unit-based compensation awards subject to graded vesting, the Partnership calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Partnership’s unit-based compensation awards are reflected in general and administrative expenses in the Partnership’s consolidated statements of income. Income taxes The Partnership accounts for income taxes using the liability method. All but two of the Partnership’s Spanish-flagged vessels are subject to the Spanish Tonnage Tax Regime (or TTR The Partnership recognizes the benefits of uncertain tax positions when it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements. The Partnership recognizes interest and penalties related to uncertain tax positions in income tax expense in the Partnership’s consolidated statements of income. Guarantees Guarantees issued by the Partnership, excluding those that are guaranteeing its own performance, are recognized at fair value at the time the guarantees are issued and are presented in the Partnership’s consolidated balance sheets as other long-term liabilities. The liability recognized on issuance is amortized to other income (expense) on the Partnership’s consolidated statements of income as the Partnership’s risk from the guarantees declines over the term of the guarantee. If it becomes probable that the Partnership will have to perform under a guarantee, the Partnership will recognize an additional liability if the amount of the loss can be reasonably estimated. Accumulated other comprehensive (loss) income The following table contains the changes in the balance of the Partnership’s only component of accumulated other comprehensive (loss) income for the periods presented: Qualifying Cash Flow Hedging Instruments $ Balance as at December 31, 2013 131 Other comprehensive loss (1,534 ) Balance as at December 31, 2014 (1,403 ) Other comprehensive loss (648 ) Balance as at December 31, 2015 (2,051 ) |
Accounting Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | 2. Accounting Pronouncements In April 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ASU 2014-08 In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ASU 2014-09 In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis ASU 2015-02 In April 2015, the FASB issued ASU 2015-03. The Partnership adopted ASU 2015-03 effective December 31, 2015. Prior period information has been retrospectively adjusted. Prior to the adoption of ASU 2015-03, all debt issuance costs were presented as other non-current assets in the Partnership’s consolidated balance sheets. With the adoption of ASU 2015-03 the Partnership presents those debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability in the Partnership’s consolidated balance sheets. Debt issuance costs related to loan facilities without a recognized debt liability will continue to be presented as non-current assets in the Partnership’s consolidated balance sheets. As a result of adopting ASU 2015-03, non-current assets and total assets have decreased by $16.3 million (December 31, 2015) and $17.1 million (December 31, 2014), current portion of long-term debt and current liabilities has decreased by $1.1 million (December 31, 2015) and $0.1 million (December 31, 2014), long-term debt has decreased by $15.2 million (December 31, 2015) and $17.0 million (December 31, 2014), and total liabilities has decreased by $16.3 million (December 31, 2015) and $17.1 million (December 31, 2014). Such changes have also impacted the Partnership’s reconciliation of segment assets to total assets (see Note 4) and the carrying value of long-term debt (see Note 10). In addition, the Partnership’s equity accounted investments have adopted ASU 2015-03 effective December 31, 2015. As a result, the Partnership’s condensed summary of its equity accounted investments in Note 6 has been impacted. More specifically, other assets - non-current has decreased by $60.8 million (December 31, 2015) and $17.8 million (December 31, 2014), vessels and equipment has decreased by $15.8 million (December 31, 2014), net investments in direct financing leases – non-current has decreased by $23.5 million (December 31, 2014), current portion of long-term debt and obligations under capital lease has decreased by $5.0 million (December 31, 2015) and $5.0 million (December 31, 2014), and long-term debt and obligations under capital lease has decreased by $55.8 million (December 31, 2015) and $52.1 million (December 31, 2014). In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases ASU 2016-02 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 3. Financial Instruments a) Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash Interest rate swap/swaption and cross-currency swap agreements Other derivative Toledo Spirit Long-term receivable included accounts receivable and other assets Long-term debt The Partnership categorizes the fair value estimates by a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at a fair value on a recurring basis. December 31, 2015 December 31, 2014 Fair Value Carrying $ Fair Value Asset $ Carrying $ Fair Value Asset $ Recurring: Cash and cash equivalents and restricted cash Level 1 214,000 214,000 205,636 205,636 Derivative instruments (note 13) Interest rate swap agreements Level 2 (104,137 ) (104,137 ) (119,558 ) (119,558 ) Interest rate swaption agreements – assets Level 2 5,623 5,623 — — Interest rate swaption agreements – liabilities Level 2 (6,406 ) (6,406 ) — — Cross currency swap agreements Level 2 (128,782 ) (128,782 ) (70,386 ) (70,386 ) Other derivative Level 3 (6,296 ) (6,296 ) (2,137 ) (2,137 ) Other: Advances to equity accounted joint ventures (note 7) (i ) 159,870 (i ) 181,514 (i ) Long-term receivable included in accounts receivable and other assets (ii) Level 3 16,453 16,427 17,137 17,164 Long-term debt – public (note 10) Level 1 (291,247 ) (288,333 ) (212,536 ) (220,762 ) Long-term debt – non-public (note 10) Level 2 (1,707,962 ) (1,677,139 ) (1,694,445 ) (1,659,852 ) (i) The advances to equity accounted joint ventures together with the Partnership’s equity investments in the joint ventures form the net aggregate carrying value of the Partnership’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. (ii) As at December 31, 2015, the estimated fair value of the non-interest bearing receivable is based on the remaining future fixed payments of $18.2 million to be received from BG International Limited (or BG Changes in fair value during the years ended December 31, 2015 and 2014 for the Partnership’s other derivative asset, the Toledo Spirit time-charter derivative, which is described below and is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended December 31, 2015 $ 2014 $ Fair value at beginning of year (2,137) 6,344 Realized and unrealized (losses) gains included in earnings (5,039) (7,161) Settlements 880 (1,320) Fair value at end of year (6,296) (2,137) The Partnership’s Suezmax tanker the Toledo Spirit Toledo Spirit Toledo Spirit Toledo Spirit b) Financing Receivables The following table contains a summary of the Partnership’s loan receivables and other financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis. Class of Financing Receivable Credit Quality Indicator Grade December 31, $ December 31, $ Direct financing leases Payment activity Performing 666,658 682,495 Other receivables: Long-term Payment activity Performing 28,256 30,664 Advances to equity accounted joint ventures (note 7) Other internal metrics Performing 159,870 181,514 854,784 894,673 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 4. Segment Reporting The Partnership has two reportable segments, its liquefied gas segment and its conventional tanker segment. The Partnership’s liquefied gas segment consists of LNG carriers, LPG carriers and multigas carriers, which can carry both LNG and LPG, which generally operate under long-term, fixed-rate charters to international energy companies and Teekay Corporation (see Note 12a). As at December 31, 2015, the Partnership’s liquefied gas segment consisted of 50 LNG carriers (including 26 LNG carriers included in joint ventures that are accounted for under the equity method), and 29 LPG/Multigas carriers (including 23 LPG carriers included in a joint venture that is accounted for under the equity method). As at December 31, 2015, the Partnership’s conventional tanker segment consisted of seven Suezmax-class crude oil tankers and one Handymax product tanker which generally operate under long-term, fixed-rate time-charter contracts to international energy and shipping companies. Segment results are evaluated based on income from vessel operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Partnership’s consolidated financial statements. The following table presents voyage revenues and percentage of consolidated voyage revenues for the Partnership’s top customers during any of the periods presented. (U.S. Dollars in millions) Year Ended Year Ended Year Ended Ras Laffan Liquefied Natural Gas Company Ltd. (i) $ 70.1 or 18 % $ 69.8 or 17 % $ 69.7 or 17 % Shell Spain LNG S.A.U. (i),(ii) $ 48.5 or 12 % $ 51.8 or 13 % $ 53.5 or 13 % The Tangguh Production Sharing Contractors (i) $ 44.9 or 11 % $ 44.3 or 11 % $ 47.3 or 12 % (i) Liquefied gas segment. (ii) Shell Spain LNG S.A.U. acquired the charter contracts from Repsol YPF, S.A. in March 2014. The voyage revenues in 2014 consisted of the voyage revenues from both customers relating to the same charter contract; voyage revenues in 2013 were only from Repsol YPF. S.A. The following tables include results for these segments for the years presented in these financial statements. Year Ended December 31, 2015 Liquefied Gas $ Conventional $ Total $ Voyage revenues 305,056 92,935 397,991 Voyage recoveries (expenses) 203 (1,349 ) (1,146 ) Vessel operating expenses (63,344 ) (30,757 ) (94,101 ) Depreciation and amortization (71,323 ) (20,930 ) (92,253 ) General and administrative expenses (i) (19,392 ) (5,726 ) (25,118 ) Restructuring charge — (4,001 ) (4,001 ) Income from vessel operations 151,200 30,172 181,372 Equity income 84,171 — 84,171 Investment in and advances to equity accounted joint ventures 883,731 — 883,731 Total assets at December 31, 2015 3,550,396 360,527 3,910,923 Expenditures for vessels and equipment (191,642 ) (327 ) (191,969 ) Expenditures for dry docking (8,659 ) (1,698 ) (10,357 ) Year Ended December 31, 2014 Liquefied Gas $ Conventional $ Total $ Voyage revenues 307,426 95,502 402,928 Voyage expenses (1,768 ) (1,553 ) (3,321 ) Vessel operating expenses (59,087 ) (36,721 ) (95,808 ) Depreciation and amortization (71,711 ) (22,416 ) (94,127 ) General and administrative expenses (i) (17,992 ) (5,868 ) (23,860 ) Restructuring charge — (1,989 ) (1,989 ) Income from vessel operations 156,868 26,955 183,823 Equity income 115,478 — 115,478 Investment in and advances to equity accounted joint ventures 891,478 — 891,478 Total assets at December 31, 2014 3,379,279 381,175 3,760,454 Expenditures for vessels and equipment (193,669 ) (586 ) (194,255 ) Expenditures for dry docking (8,127 ) (5,344 ) (13,471 ) Year Ended December 31, 2013 Liquefied Gas $ Conventional $ Total $ Voyage revenues 285,694 113,582 399,276 Voyage expenses (407 ) (2,450 ) (2,857 ) Vessel operating expenses (55,459 ) (44,490 ) (99,949 ) Depreciation and amortization (71,485 ) (26,399 ) (97,884 ) General and administrative expenses (i) (13,913 ) (6,531 ) (20,444 ) Restructuring charge — (1,786 ) (1,786 ) Income from vessel operations 144,430 31,926 176,356 Equity income 123,282 — 123,282 Expenditures for vessels and equipment (469,463 ) (750 ) (470,213 ) Expenditures for dry docking (21,090 ) (6,113 ) (27,203 ) (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). A reconciliation of total segment assets presented in the consolidated balance sheets is as follows: December 31, $ December 31, $ Total assets of the liquefied gas segment 3,550,396 3,379,279 Total assets of the conventional tanker segment 360,527 381,175 Unallocated: Cash and cash equivalents 102,481 159,639 Accounts receivable and prepaid expenses 26,550 15,240 Advances to affiliates 13,026 11,942 Consolidated total assets 4,052,980 3,947,275 |
Leases and Restricted Cash
Leases and Restricted Cash | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Leases and Restricted Cash | 5. Leases and Restricted Cash Capital Lease Obligations December 31, $ December 31, $ Suezmax Tankers 59,127 63,550 Less current portion 4,546 4,422 Long-term obligations under capital lease 54,581 59,128 Suezmax Tankers. The amounts in the table below assume the owner will not exercise its options to require the Partnership to purchase either of the two remaining vessels from the owner, but rather it assumes the owner will cancel the charter contracts when the cancellation right is first exercisable (in October 2017 and July 2018, respectively), and sell the vessel to a third party, upon which the remaining lease obligation will be extinguished. At the inception of these leases, the weighted-average interest rate implicit in these leases was 5.5%. These capital leases are variable-rate capital leases. However, any change in the lease payments resulting from changes in interest rates is offset by a corresponding change in the charter hire payments received by the Partnership. As at December 31, 2015, the remaining commitments under the two capital leases, including the purchase obligations for the two Suezmax tankers, approximated $65.9 million, including imputed interest of $6.8 million, repayable from 2016 through 2018, as indicated below: Year Commitment 2016 $ 7,673 2017 $ 30,953 2018 $ 27,296 The Partnership’s capital leases do not contain financial or restrictive covenants other than those relating to operation and maintenance of the vessels. Restricted Cash The Partnership maintains restricted cash deposits relating to certain term loans, collateral for cross-currency swaps, project tenders, leasing arrangements (see Note 14c) and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs, which cash totaled $111.5 million and $46.0 million as at December 31, 2015 and 2014, respectively. Operating Lease Obligations Teekay Tangguh Joint Venture As at December 31, 2015, the Teekay BLT Corporation (or the Teekay Tangguh Joint Venture Head Leases Tangguh LNG Carriers Subleases As at December 31, 2015, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i)(ii) 2016 $ 21,242 $ 24,113 2017 $ 21,242 $ 24,113 2018 $ 21,242 $ 24,113 2019 $ 21,242 $ 24,113 2020 $ 21,242 $ 24,113 Thereafter $ 175,337 $ 199,072 Total $ 281,547 $ 319,637 (i) The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2015, the Partnership had received $228.8 million of aggregate Head Lease receipts and had paid $163.7 million of aggregate Sublease payments. The portion of the Head Lease receipts that have not been recognized into earnings are deferred and amortized on a straight line basis over the lease terms and, as at December 31, 2015, $3.8 million and $40.4 million of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Partnership’s consolidated balance sheets. (ii) The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. Net Investments in Direct Financing Leases The Tangguh LNG Carriers commenced their time-charters with its charterers in January and May 2009, respectively. Both time-charters are accounted for as direct financing leases with 20-year terms. In September and November 2013, the Partnership acquired two 155,900-cubic meter LNG carriers (or Awilco LNG Carriers Awilco December 31, $ December 31, $ Total minimum lease payments to be received 843,079 914,943 Estimated unguaranteed residual value of leased properties 194,965 194,965 Initial direct costs 425 458 Unearned revenue (371,811 ) (427,871 ) Total 666,658 682,495 Less current portion 20,606 15,837 Net investments in direct financing leases - non-current 646,052 666,658 As at December 31, 2015, estimated minimum lease payments to be received by the Partnership under the Tangguh LNG Carrier leases in each of the next five succeeding fiscal years are approximately $39.1 million per year from 2016 through 2021. Both leases are scheduled to end in 2029. In addition, estimated minimum lease payments in the next three years to be received by the Partnership under the Awilco LNG Carrier leases are approximately $35.9 million (2016), $165.0 million (2017) and $134.6 million (2018). Operating Leases As at December 31, 2015, the minimum scheduled future revenues in the next five years to be received by the Partnership for the lease and non-lease elements under charters that were accounted for as operating leases are approximately $349.5 million (2016), $351.9 million (2017), $397.2 million (2018), $428.2 million (2019) and $419.1 million (2020). Minimum scheduled future revenues do not include revenue generated from new contracts entered into after December 31, 2015, revenue from vessels in the Partnership’s equity accounted investments, revenue from unexercised option periods of contracts that existed on December 31, 2015, or variable or contingent revenues. Therefore, the minimum scheduled future revenues should not be construed to reflect total charter hire revenues for any of the years. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | 6. Equity Method Investments a) Bahrain LNG Joint Venture On December 2, 2015, the Partnership entered into an agreement with National Oil & Gas Authority (or Nogaholding Samsung GIC Bahrain LNG joint Venture FSU DSME b) Yamal LNG Joint Venture On July 9, 2014, the Partnership, through a new 50/50 joint venture with China LNG (or the Yamal LNG Joint Venture Yamal LNG Project CNPC DSME As at December 31, 2015, the Partnership has contributed $96.9 million of capital to the Yamal LNG Joint Venture to fund its newbuilding installments (December 31, 2014 – $95.3 million), representing the Partnership’s proportionate share (see Note 7b). c) BG Joint Venture On June 27, 2014, the Partnership acquired from BG its ownership interests in four 174,000-cubic meter Tri-Fuel Diesel Electric LNG carrier newbuildings, which will be constructed by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. in China for an estimated total fully built-up cost to the joint venture of approximately $1.0 billion. Through this transaction, the Partnership has a 30% ownership interest in two LNG carrier newbuildings and a 20% ownership interest in the remaining two LNG carrier newbuildings (collectively, the BG Joint Venture The excess of the Partnership’s investment in the BG Joint Venture over the Partnership’s share of the underlying carrying value of net assets acquired was approximately $16.8 million in accordance with the final purchase price allocation. This basis difference has been allocated notionally to the ship construction support agreements and the time-charter contracts. The Partnership accounts for its investment in the BG Joint Venture using the equity method. As at December 31, 2015, to fund its newbuilding installments, the BG Joint Venture has drawn $89.0 million (December 31, 2014 – $53.7 million) from its $787.0 million long-term debt facility and received $8.6 million of capital contributions from the Partnership (December 31, 2014 – $3.8 million), representing the Partnership’s proportionate share. d) Exmar LPG Joint Venture In February 2013, the Partnership entered into a 50/50 joint venture agreement with Belgium-based Exmar NV (or Exmar Exmar LPG Joint Venture In June 2015, the Exmar LPG Joint Venture completed refinancing its existing debt facility by entering into a $460.0 million long-term debt facility bearing interest at a rate of LIBOR plus 1.90%, maturing in 2021. The Partnership has guaranteed its 50% share of the secured loan facility in the Exmar LPG Joint Venture and, as a result, recorded a guarantee liability of $1.7 million. The carrying value of the guarantee liability as at December 31, 2015 was $1.5 million and is included as part of other long-term liabilities in the Partnership’s consolidated balance sheets. In addition, during 2015, the Exmar LPG Joint Venture entered into three interest rate swap agreements with an aggregate notional amount of $375.7 million, which amortize quarterly over the term of the interest rate swap agreements to $161.2 million at maturity. The interest rate swap agreements exchange the receipts of LIBOR-based interest for the payments of a fixed rate ranging from 1.69% to 1.84% excluding the margin. These interest rate swap agreements have been designated as a qualifying cash flow hedging instruments for accounting purposes. The Exmar LPG Joint Venture uses the same accounting policy for qualifying cash flow hedging instruments as the Partnership. e) Teekay LNG-Marubeni Joint Venture The Partnership has a 52% ownership interest in the joint venture between Marubeni Corporation and the Partnership (or the Teekay LNG-Marubeni Joint Venture In July 2013, the Teekay LNG-Marubeni Joint Venture entered into an eight-year interest rate swap agreement with a notional amount of $160.0 million, which amortizes quarterly over the term of the interest rate swap agreement to $70.4 million at maturity. The interest rate swap agreement exchanges the receipt of LIBOR-based interest for the payment of a fixed rate of interest of 2.20% in the first two years and 2.36% in the last six years. This interest rate swap agreement has been designated as a qualifying cash flow hedging instrument for accounting purposes. The Teekay LNG-Marubeni Joint Venture uses the same accounting policy for qualifying cash flow hedging instruments as the Partnership uses. One of Teekay LNG-Marubeni Joint Venture’s loan facilities for four of its six LNG carriers contains mandatory prepayment provisions upon early termination of a charter and requires the borrower to maintain a specific debt service coverage ratio. One of the joint venture’s vessels, the Magellan Spirit, Magellan Spirit f) Excalibur and Excelsior Joint Ventures The Partnership has ownership interests ranging from 49% to 50% in its joint ventures with Exmar (or the Excalibur Joint Venture Excelsior Joint Venture g) Angola Joint Venture The Partnership has a 33% ownership interest in four 160,400-cubic meter LNG carriers (or the Angola LNG Carriers or Angola Joint Venture h) RasGas 3 Joint Venture The Partnership has a 40% ownership interest in the Teekay Nakilat (III) Corporation (or the RasGas 3 Joint Venture), which owns four LNG carriers that are chartered out under long-term contracts that are classified as direct financing leases. These joint ventures are accounted for using the equity method. The RasGas 3 Joint Venture, the Excelsior Joint Venture, the Angola Joint Venture and the Yamal LNG Joint Venture are considered variable interest entities; however, the Partnership is not the primary beneficiary and consolidation of these entities with the Partnership is not required. The Partnership’s maximum exposure to loss as a result of its investment in the RasGas 3 Joint Venture, the Excelsior Joint Venture, the Angola LNG Joint Ventures and the Yamal LNG Joint Venture is the amount it has invested and advanced in these joint ventures, which are $161.4 million, $49.0 million, $58.2 million and $99.9 million respectively, as at December 31, 2015. In addition, the Partnership guarantees its portion of the Excelsior Joint Venture’s debt of $47.5 million and the Angola Joint Ventures’ debt and swaps of $272.0 million and guarantee for charter termination of $1.2 million. The following table presents aggregated summarized financial information assuming a 100% ownership interest in the Partnership’s equity method investments and excluding the impact from purchase price adjustments arising from the acquisition of Exmar LPG BVBA, the Excalibur and Excelsior Joint Ventures and the BG Joint Venture. The results included the Excalibur and Excelsior Joint Venture, the RasGas 3 Joint Venture, the Angola Joint Ventures, the Exmar LPG Joint Venture from February 2013, the BG Joint Venture from June 2014 and the Yamal LNG Joint Venture from July 2014. As at December 31, 2015 2014 $ $ Cash and restricted cash 281,943 287,207 Other assets – current 77,861 137,055 Vessels and equipment 2,343,397 2,243,381 Net investments in direct financing leases – non-current 1,813,991 1,850,279 Other assets – non-current 22,120 14,515 Current portion of long-term debt and obligations under capital lease 166,522 435,272 Other liabilities – current 97,405 125,787 Long-term debt and obligations under capital lease 2,583,721 2,321,562 Other liabilities – non-current 381,213 390,467 Years ended December 31, 2015 $ 2014 $ 2013 $ Voyage revenues 596,093 640,105 625,414 Income from vessel operations 302,731 398,836 335,062 Realized and unrealized (loss) gain on derivative instruments (25,108 ) (52,938 ) 16,334 Net income 203,280 267,990 277,096 Certain of the comparative figures have been adjusted to conform to the presentation adopted in the current year (see Note 2). |
Advances to Equity Accounted Jo
Advances to Equity Accounted Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Advances to Equity Accounted Joint Ventures | 7. Advances to Equity Accounted Joint Ventures a) As of December 31, 2015, the Partnership had advanced $57.8 million (December 31, 2014 – $81.7 million) to Exmar LPG, which bears interest at LIBOR plus 0.50% and has no fixed repayment terms. As at December 31, 2015, the interest accrued on these advances was $0.4 million (December 31, 2014 – $0.6 million). Both the advances and the accrued interest on these advances are included in investment and advances to equity accounted joint ventures in the Partnership’s consolidated balance sheet. b) As of December 31, 2015, the Partnership had advanced of $96.9 million to the Yamal LNG Joint Venture (December 31, 2014 – $95.3 million). The advances bear interest at LIBOR plus 3.00% compounded semi-annually. As of December 31, 2015, the interest accrued on these advances was $4.8 million (December 31, 2014 – $1.0 million). Both the advances and the accrued interest on these advances are included in investments and advances to equity accounted joint ventures in the Partnership’s consolidated balance sheets. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 8. Intangible Assets and Goodwill As at December 31, 2015 and 2014, intangible assets consisted of time-charter contracts with a weighted-average amortization period of 17.1 years. The carrying amount of intangible assets for the Partnership’s reportable segments is as follows: December 31, 2015 December 31, 2014 Liquefied Gas $ Conventional $ Total $ Liquefied Gas $ Conventional $ Total $ Gross carrying amount 179,813 6,797 186,610 179,813 6,797 186,610 Accumulated amortization (101,023 ) (6,797 ) (107,820 ) (92,167 ) (6,797 ) (98,964 ) Net carrying amount 78,790 — 78,790 87,646 — 87,646 Amortization expense associated with intangible assets was $8.9 million, $9.2 million and $13.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Amortization expense associated with intangible assets is expected to be approximately $8.9 million per year in each of the next five years. In addition, as a result of the sales of the Algeciras Spirit Huelva Spirit The carrying amount of goodwill as at each of December 31, 2015 and 2014 for the Partnership’s liquefied gas segment was $35.6 million. In 2015 and 2014, the Partnership conducted its annual goodwill impairment review of its liquefied gas segment and concluded that no impairment had occurred. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 9. Accrued Liabilities December 31, $ December 31, $ Interest including interest rate swaps 17,484 17,035 Voyage and vessel expenses 9,315 7,829 Payroll and benefits 5,431 5,560 Other general expenses 2,785 4,224 Income tax payable and other 2,441 4,389 Total 37,456 39,037 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 10. Long-Term Debt December 31, $ December 31, $ U.S. Dollar-denominated Revolving Credit Facilities due through 2016 to 2018 329,222 257,661 U.S. Dollar-denominated Term Loan due through 2016 50,415 — U.S. Dollar-denominated Term Loan due through 2018 83,393 93,595 U.S. Dollar-denominated Term Loan due through 2018 108,333 116,667 U.S. Dollar-denominated Term Loan due through 2018 117,000 125,667 U.S. Dollar-denominated Term Loan due through 2021 271,991 285,274 U.S. Dollar-denominated Term Loan due through 2021 88,339 95,560 U.S. Dollar-denominated Term Loan due through 2026 430,965 450,000 Norwegian Kroner-denominated Bond due in 2017 79,158 93,934 Norwegian Kroner-denominated Bond due in 2018 101,775 120,773 Norwegian Kroner-denominated Bond due in 2020 113,083 — Euro-denominated Term Loans due through 2023 241,798 284,993 Total principal 2,015,472 1,924,124 Unamortized discount and debt issuance costs (16,263) (17,143) Total debt 1,999,209 1,906,981 Less current portion 197,197 157,088 Long-term debt 1,802,012 1,749,893 As at December 31, 2015, the Partnership had three revolving credit facilities available. The three credit facilities, as at such date, provided for borrowings of up to $459.2 million, of which $130.0 million was undrawn. Interest payments are based on LIBOR plus margins, which ranged from 0.55% to 1.10%. The amount available under the three revolving credit facilities reduces by $177.3 million (2016), $28.2 million (2017) and $253.7 million (2018). The revolving credit facilities may be used by the Partnership to fund general partnership purposes and to fund cash distributions. The Partnership is required to repay all borrowings used to fund cash distributions within 12 months of their being drawn, from a source other than further borrowings. One of the revolving credit facilities is unsecured while the other two revolving credit facilities are collateralized by first-priority mortgages granted on four of the Partnership’s vessels, together with other related security, and include a guarantee from the Partnership or its subsidiaries of all outstanding amounts. As at December 31, 2015, the Partnership had a U.S. Dollar-denominated term loan outstanding in the amount of $50.4 million. Interest payments on this loan are based on LIBOR plus 1.00% with a bullet repayment of $50.4 million due at maturity in 2016. This loan facility is collateralized by first-priority mortgages on the three vessels to which the loan relates, together with certain other related security, and is guaranteed by the Partnership. As at December 31, 2015, the Partnership had a U.S. Dollar-denominated term loan outstanding in the amount of $83.4 million. Interest payments on this loan are based on LIBOR plus 2.75% and require quarterly interest and principal payments and a bullet repayment of $50.7 million due at maturity in 2018. This loan facility is collateralized by first-priority mortgages on the five vessels to which the loan relates, together with certain other related security, and is guaranteed by the Partnership. As at December 31, 2015, the Partnership had a U.S. Dollar-denominated term loan outstanding in the amount of $108.3 million. Interest payments on this loan are based on LIBOR plus 2.80% and require quarterly interest and principal payments and a bullet repayment of $83.3 million due at maturity in 2018. This loan facility is collateralized by a first-priority mortgage on the one vessel to which the loan relates, together with certain other related security, and is guaranteed by the Partnership. As at December 31, 2015, the Partnership had a U.S. Dollar-denominated term loan outstanding in the amount of $117.0 million. Interest payments on this loan are based on LIBOR plus 2.75% and require quarterly interest and principal payments and a bullet repayment of $95.3 million due at maturity in 2018. This loan facility is collateralized by a first-priority mortgage on the one vessel to which the loan relates, together with certain other related security, and is guaranteed by the Partnership. The Partnership owns a 69% interest in the Teekay Tangguh Joint Venture, a consolidated entity of the Partnership. The Teekay Tangguh Joint Venture has a U.S. Dollar-denominated term loan outstanding, which, as at December 31, 2015, totaled $272.0 million. Interest payments on the loan are based on LIBOR plus margins. Interest payments on one tranche under the loan facility are based on LIBOR plus 0.30%, while interest payments on the second tranche are based on LIBOR plus 0.63%. One tranche reduces in quarterly payments while the other tranche correspondingly is drawn up with a final $95.0 million bullet payment for each of two vessels due in 2021. This loan facility is collateralized by first-priority mortgages on the two vessels to which the loan relates, together with certain other security and is guaranteed by the Partnership. As at December 31, 2015, the Partnership had a U.S. Dollar-denominated term loan outstanding in the amount of $88.3 million. Interest payments on one tranche under the loan facility are based on LIBOR plus 0.30%, while interest payments on the second tranche are based on LIBOR plus 0.70%. One tranche reduces in semi-annual payments while the other tranche correspondingly is drawn up every six months with a final $20.0 million bullet payment for each of two vessels due at maturity in 2021. This loan facility is collateralized by first-priority mortgages on the two vessels to which the loan relates, together with certain other related security, and is guaranteed by Teekay Corporation. The Partnership owns a 70% interest in Teekay Nakilat Corporation (or the Teekay Nakilat Joint Venture The Partnership has Norwegian Kroner (or NOK The Partnership has NOK 900 million of senior unsecured bonds that mature in September 2018 in the Norwegian bond market. As at December 31, 2015, the carrying amount of the bonds was $101.8 million and the bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 4.35%. The Partnership has a cross-currency swap, to swap all interest and principal payments into U.S. Dollars, with the interest payments fixed at a rate of 6.43% (see Note 13) and the transfer of principal fixed at $150.0 million upon maturity in exchange for NOK 900 million. The Partnership has NOK 1,000 million of senior unsecured bonds that mature in May 2020 in the Norwegian bond market. As at December 31, 2015, the carrying amount of the bonds was $113.1 million and the bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 3.70%. The Partnership has a cross currency swap (see Note 13), to swap all interest and principal payments into U.S. Dollars, with the interest payments fixed at a rate of 5.92% and the transfer of principal fixed at $134.0 million upon maturity in exchange for NOK 1,000 million. The Partnership has two Euro-denominated term loans outstanding, which as at December 31, 2015, totaled 222.7 million Euros ($241.8 million). Interest payments are based on EURIBOR plus margins, which ranged from 0.60% to 2.25% as of December 31, 2015, and the loans require monthly interest and principal payments. The term loans have varying maturities through 2023. The term loans are collateralized by first-priority mortgages on two vessels to which the loans relate, together with certain other related security and are guaranteed by the Partnership and one of its subsidiaries. The weighted-average effective interest rate for the Partnership’s long-term debt outstanding at December 31, 2015 and December 31, 2014 was 2.33% and 2.19%, respectively. This rate does not reflect the effect of related interest rate swaps that the Partnership has used to economically hedge certain of its floating-rate debt (see Note 13). At December 31, 2015, the margins on the Partnership’s outstanding revolving credit facilities and term loans ranged from 0.30% to 2.80%. All Euro-denominated term loans and NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Partnership’s NOK-denominated bonds, the Partnership’s Euro-denominated term loans, capital leases and restricted cash, and the change in the valuation of the Partnership’s cross-currency swaps, the Partnership incurred foreign exchange gains (losses) of $13.9 million, $28.4 million and ($15.8) million, which amounts were primarily unrealized, for the years ended December 31, 2015, 2014 and 2013, respectively. The aggregate annual long-term debt principal repayments required after December 31, 2015 are $198.3 million (2016), $210.7 million (2017), $796.5 million (2018), $70.1 million (2019), $186.3 million (2020) and $553.6 million (thereafter). The Partnership and a subsidiary of Teekay Corporation are borrowers under a loan arrangement and are joint and severally liable for the obligations to the lender. Obligations resulting from long-term debt joint and several liability arrangements are measured at the sum of the amount the Partnership agreed to pay, on the basis of its arrangement among the co-obligor, and any additional amount the Partnership expects to pay on behalf of the co-obligor. This loan arrangement matures in 2021 and as of December 31, 2015 had an outstanding balance of $173.9 million, of which $88.3 million was the Partnership’s share. Teekay Corporation has indemnified the Partnership in respect of any losses and expenses arising from any breach by the co-obligor of the terms and conditions of the loan facility. Certain loan agreements require that (a) the Partnership maintains minimum levels of tangible net worth and aggregate liquidity, (b) the Partnership maintains certain ratios of vessel values as it relates to the relevant outstanding loan principal balance, (c) the Partnership not exceed a maximum amount of leverage, and (d) certain of the Partnership’s subsidiaries maintains restricted cash deposits. The Partnership has one facility that requires us to maintain a vessel-value-to-outstanding-loan-principal-balance ratio of 115%, which as at December 31, 2015, was 194%. The vessel value was determined using reference to second-hand market comparables or using a depreciated replacement cost approach. Since vessel values can be volatile, the Partnership’s estimates of market value may not be indicative of either the current or future prices that could be obtained if the Partnership sold any of the vessels. The Partnership’s ship-owning subsidiaries may not, among other things, pay dividends or distributions if the Partnership is in default under its term loans or revolving credit facilities. One of the Partnership’s term loans is guaranteed by Teekay Corporation and contains covenants that require Teekay Corporation to maintain the greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation’s total consolidated debt which has recourse to Teekay Corporation. As at December 31, 2015, the Partnership, and Teekay Corporation and their affiliates were in compliance with all covenants relating to the Partnership’s credit facilities and term loans. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 11. Income Tax The components of the provision for income taxes were as follows: Year Ended $ Year Ended $ Year Ended $ Current (2,646 ) (5,212 ) (1,482 ) Deferred (76 ) (2,355 ) (3,674 ) Income tax expense (2,722 ) (7,567 ) (5,156 ) The Partnership operates in countries that have differing tax laws and rates. Consequently, a consolidated weighted average tax rate will vary from year to year according to the source of earnings or losses by country and the change in applicable tax rates. Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended $ Year Ended $ Year Ended $ Net income before income tax expenses 220,232 226,494 218,471 Net income not subject to taxes (173,298 ) (81,604 ) (131,529 ) Net income subject to taxes 46,934 144,890 86,942 At applicable statutory tax rates Amount computed using the standard rate of corporate tax (12,007 ) (33,083 ) (16,476 ) Adjustments to valuation allowance and uncertain tax position 5,362 14,851 12,830 Permanent and currency differences 4,204 11,507 1,576 Change in tax rate (281 ) (842 ) (3,086 ) Tax expense charge related to the current year (2,722 ) (7,567 ) (5,156 ) The significant components of the Partnership’s deferred tax assets (liabilities) were as follows: Year Ended $ Year Ended $ Derivative instruments 7,021 8,647 Taxation loss carryforwards and disallowed finance costs 44,823 48,440 Vessels and equipment 3,462 3,602 Capitalized interest (2,184 ) (2,261 ) 53,122 58,428 Valuation allowance (53,198 ) (58,428 ) Net deferred tax liabilities included in accrued liabilities (76 ) — The Partnership had tax losses in the United Kingdom (or UK The Partnership recognizes interest and penalties related to uncertain tax positions in income tax expense. The tax years 2007 through 2015 currently remain open to examination by the major tax jurisdictions to which the Partnership is subject. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions a) Two of the Partnership’s LNG carriers, the Arctic Spirit Polar Spirit Year Ended December 31, December 31, December 31, 2015 2014 2013 $ $ $ Voyage revenues (i) 35,887 37,596 34,573 Vessel operating expenses (19,914 ) (12,703 ) (10,847 ) General and administrative expenses (ii) (14,485 ) (13,708 ) (11,959 ) (i) Commencing in 2008, the Arctic Spirit Polar Spirit (ii) Includes commercial, strategic, advisory, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our General Partner for costs incurred on the Partnership’s behalf. b) In connection with the Partnership’s initial public offering in May 2005, the Partnership entered into an omnibus agreement with Teekay Corporation, the General Partner and other related parties governing, among other things, when the Partnership and Teekay Corporation may compete with each other and certain rights of first offer on LNG carriers and Suezmax tankers. In December 2006, the omnibus agreement was amended in connection with the initial public offering of Teekay Offshore Partners L.P. (or Teekay Offshore c) The Partnership’s Suezmax tanker the Toledo Spirit d) On November 13, 2014, the Partnership acquired a 2003-built 10,200 cubic meter LPG carrier, the Norgas Napa Skaugen Norgas Napa Norgas Napa e) In March 2014, two interest rate swap agreements were novated from Teekay Corporation to the Partnership. Teekay Corporation concurrently paid the Partnership $3.0 million in cash consideration, which represented the estimated fair value of the interest rate swap liabilities on the novation date. f) In March 2013, the Partnership incurred a $2.7 million charge relating to a fee to Teekay Corporation for its support in the Partnership’s successful acquisition of its 50% interest in Exmar LPG BVBA (see Note 6d). This acquisition fee is reflected as part of investments in and advances to equity accounted joint ventures in the Partnership’s consolidated balance sheets. g) The Partnership entered into services agreements with certain subsidiaries of Teekay Corporation pursuant to which the Teekay Corporation subsidiaries provide the Partnership with shipbuilding and site supervision services relating to 11 LNG carrier newbuildings the Partnership owns (see Notes 14a and 14b). These costs are capitalized and included as part of advances on newbuilding contracts in the Partnership’s consolidated balance sheets. During the years ended 2015, 2014 and 2013, the Partnership incurred shipbuilding and site supervision costs of $4.3 million, $3.1 million and $0.2 million, respectively. As at December 31, 2015 and 2014 shipbuilding and site supervision costs provided by Teekay Corporation subsidiaries totaled $7.6 million and $3.3 million, respectively. h) As at December 31, 2015 and 2014, non-interest bearing advances to affiliates totaled $13.0 million and $11.9 million, respectively, and non-interest bearing advances from affiliates totaled $23.0 million and $43.2 million, respectively. These advances are unsecured and have no fixed repayment terms. Affiliates are entities that are under the same common control. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 13. Derivative Instruments The Partnership uses derivative instruments in accordance with its overall risk management policy. The Partnership has not designated derivative instruments described within this note as hedges for accounting purposes. Foreign Exchange Risk Through 2012 to 2015, concurrently with the issuance of NOK 700 million, NOK 900 million and NOK 1,000 million, of senior unsecured bonds (see Note 10) during that time, the Partnership entered into cross-currency swaps, and pursuant to these swaps, the Partnership receives the principal amount in NOK on maturity dates of the swaps in exchange for payments of a fixed U.S. Dollar amount. In addition, the cross-currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross-currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal of the Partnership’s NOK-denominated bonds due in 2017, 2018 and 2020, and to economically hedge the interest rate exposure. The following table reflects information relating to the cross-currency swaps as at December 31, 2015. Principal Principal Floating Rate Receivable Fair Value / Carrying Weighted- Amount Amount Reference Margin Fixed Rate (Liability) Term 700,000 125,000 NIBOR 5.25% 6.88% (49,703) 1.3 900,000 150,000 NIBOR 4.35% 6.43% (54,027) 2.7 1,000,000 134,000 NIBOR 3.70% 5.92% (25,052) 4.4 (128,782) Interest Rate Risk The Partnership enters into interest rate swaps which exchange a receipt of floating interest for a payment of fixed interest to reduce the Partnership’s exposure to interest rate variability on certain of its outstanding floating-rate debt. As at December 31, 2015, the Partnership was committed to the following interest rate swap agreements: Interest Index Principal $ Fair Value / Carrying Weighted- Fixed (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps LIBOR 90,000 (8,965) 2.7 4.9 U.S. Dollar-denominated interest rate swaps LIBOR 100,000 (5,817) 1.0 5.3 U.S. Dollar-denominated interest rate swaps (ii) LIBOR 168,750 (34,567) 13.0 5.2 U.S. Dollar-denominated interest rate swaps (ii) LIBOR 64,268 (2,661) 5.6 2.8 U.S. Dollar-denominated interest rate swaps (iii) LIBOR 320,000 (15,112) 0.3 2.9 U.S. Dollar-denominated interest rate swaps (iv) LIBOR 117,000 (1,341) 3.0 1.7 EURIBOR-Based Debt: Euro-denominated interest rate swaps (v) EURIBOR 241,798 (35,674) 5.0 3.1 (104,137) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at December 31, 2015, ranged from 0.30% to 2.80%. (ii) Principal amount reduces semi-annually. (iii) These interest rate swaps are being used to economically hedge expected interest payments on future debt that is planned to be outstanding from 2016 to 2021. These interest rate swaps are subject to mandatory early termination in 2016 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces quarterly. (v) Principal amount reduces monthly to 70.1 million Euros ($76.1 million) by the maturity dates of the swap agreements. During 2015, as part of its economic hedging program, the Partnership entered into three interest rate swaption agreements, whereby the Partnership has a one-time option (or Call Option Put Option Interest Principal Option Fair Value / Remaining Interest Interest rate swaption - Call Option LIBOR 155,000 (i) April 28, 2017 686 7.5 3.34 % Interest rate swaption - Put Option LIBOR 155,000 (i) April 28, 2017 (2,626 ) 7.5 2.15 % Interest rate swaption - Call Option LIBOR 160,000 (ii) January 31, 2018 1,956 8.0 3.10 % Interest rate swaption - Put Option LIBOR 160,000 (ii) January 31, 2018 (2,041 ) 8.0 1.97 % Interest rate swaption - Call Option LIBOR 160,000 (iii) July 16, 2018 2,981 8.0 2.94 % Interest rate swaption - Put Option LIBOR 160,000 (iii) July 16, 2018 (1,739 ) 8.0 1.83 % (i) Amortizing every three months from $155.0 million in April 2017 to $85.4 million in October 2024. (ii) Amortizing every three months from $160.0 million in January 2018 to $82.5 million in January 2026. (iii) Amortizing every three months from $160.0 million in July 2018 to $82.5 million in July 2026. As at December 31, 2015, the Partnership had multiple interest rate swaps and cross-currency swaps with the same counterparty that are subject to the same master agreement. Each of these master agreements provide for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these interest rate swaps are presented on a gross basis in the Partnership’s consolidated balance sheets. As at December 31, 2015, these interest rate swaps and cross-currency swaps had an aggregate fair value liability amount of $209.2 million. As at December 31, 2015, the Partnership had $44.8 million on deposit as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash on the Partnership’s consolidated balance sheets. Credit Risk The Partnership is exposed to credit loss in the event of non-performance by the counterparties to the interest rate swap agreements. In order to minimize counterparty risk, the Partnership only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transactions. In addition, to the extent practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. Other Derivatives In order to reduce the variability of its revenue, the Partnership has entered into an agreement with Teekay Corporation under which Teekay Corporation pays the Partnership any amounts payable to the charterer of the Toledo Spirit Toledo Spirit The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s consolidated balance sheets. Derivative Accrued Current Derivative As at December 31, 2015 Interest rate swap agreements — (6,833 ) (41,028 ) (56,276 ) Interest rate swaption agreements 5,623 — — (6,406 ) Cross-currency swap agreements — (1,181 ) (9,755 ) (117,846 ) Toledo Spirit time-charter derivative — (3,186 ) (1,300 ) (1,810 ) 5,623 (11,200 ) (52,083 ) (182,338 ) As at December 31, 2014 Interest rate swap agreements 441 (7,486 ) (52,356 ) (60,157 ) Cross-currency swap agreements — (544 ) (4,922 ) (64,920 ) Toledo Spirit time-charter derivative — (637 ) (400 ) (1,100 ) 441 (8,667 ) (57,678 ) (126,177 ) Realized and unrealized gains (losses) relating to interest rate swap agreements and the Toledo Spirit time-charter derivative are recognized in earnings and reported in realized and unrealized loss on derivative instruments in the Partnership’s consolidated statements of income. The effect of the gain (loss) on these derivatives on the Partnership’s consolidated statements of income is as follows: Year Ended December 31, 2015 2014 2013 Realized Unrealized Total Realized Unrealized Total Realized Unrealized Total Interest rate swap agreements (28,968 ) 14,768 (14,200 ) (39,406 ) 4,204 (35,202 ) (38,089 ) 18,868 (19,221 ) Interest rate swaption agreements — (783 ) (783 ) — — — — — — Interest rate swap agreements termination — — — (2,319 ) — (2,319 ) — — — Toledo Spirit time-charter derivative (3,429 ) (1,610 ) (5,039 ) (861 ) (6,300 ) (7,161 ) 1,521 3,700 5,221 (32,397 ) 12,375 (20,022 ) (42,586 ) (2,096 ) (44,682 ) (36,568 ) 22,568 (14,000 ) Unrealized and realized losses relating to cross-currency swap agreements are recognized in earnings and reported in foreign currency exchange gain (loss) in the Partnership’s consolidated statements of income. For the years ended December 31, 2015, 2014 and 2013, unrealized losses of ($57.8) million, ($51.8) million and ($15.4) million, respectively, and realized losses of ($7.6) million, ($2.2) million and ($0.3) million, respectively, were recognized in earnings. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies a) Between December 2012 and February 2015, the Partnership signed contracts with DSME for the construction of nine 173,400-cubic meter LNG carriers at a total fully-built up cost of approximately $1.8 billion. These newbuilding vessels will be equipped with the M-type, Electronically Controlled, Gas Injection (or MEGI Two of the vessels ordered are scheduled for delivery in 2016 (one of which delivered in February 2016, see Note 19a) and, upon delivery of the vessels, will be chartered to a subsidiary of Cheniere Energy, Inc. at fixed rates for a period of five years. Five of the vessels ordered are scheduled for delivery between 2017 and 2018 and, upon delivery of the vessels, will be chartered to a wholly owned subsidiary of Royal Dutch Shell PLC (or Shell b) In June 2015, the Partnership signed contracts with Hyundai Samho Heavy Industries Co., Ltd. of South Korea for the construction of two 174,000-cubic meter LNG carriers equipped with MEGI engines at a total fully-built up cost of approximately $419.8 million. One of the vessels is scheduled for delivery in the first quarter of 2019 and, upon delivery of the vessel, will be chartered to BP Shipping Limited (or BP c) The Teekay Nakilat Joint Venture was the lessee under three separate 30-year capital lease arrangements with a third party for three LNG carriers (or the RasGas II LNG Carriers The UK taxing authority (or HMRC LEL1 d) As described in Note 6c – Equity Method Investments, the Partnership acquired an ownership interest in the BG Joint Venture and, as part of the acquisition, agreed to assume BG’s obligation to provide shipbuilding supervision and crew training services for the four LNG carrier newbuildings up to their delivery dates pursuant to a ship construction support agreement. As at December 31, 2015, the Partnership incurred $4.2 million, net of reimbursement from BG, relating to shipbuilding and crew training services. The remaining estimated amounts to be incurred for the shipbuilding and crew training obligation, net of the reimbursement from BG, are $6.0 million (2016), $3.8 million (2017), $4.1 million (2018) and $0.4 million (2019). In addition, the BG Joint Venture has a $787.0 million debt facility to finance a portion of the estimated fully built-up cost of $1.0 billion for its four LNG carrier newbuildings, with the remaining portion to be financed pro-rata based on ownership interests by the Partnership and the other partners. As at December 31, 2015, the Partnership’s proportionate share of the remaining newbuilding installments, net of the financing, totaled $7.9 million (2016), $15.0 million (2017), $17.3 million (2018) and $6.3 million (2019). e) As described in Note 6b – Equity Method Investments, the Partnership, through the Yamal LNG Joint Venture, has a 50% ownership interest in six 172,000-cubic meter ARC7 LNG carrier newbuildings that have an estimated total fully built-up cost of $2.1 billion. As at December 31, 2015, the Partnership’s proportionate costs incurred under these newbuilding contracts totaled $100.5 million and the Partnership’s proportionate share of the estimated remaining costs to be incurred is $74.4 million (2016), $97.6 million (2017), $356.6 million (2018), $214.4 million (2019) and $198.3 million (2020). The Yamal LNG Joint Venture intends to secure debt financing for 70% to 80% of the fully built-up cost of the six LNG carrier newbuildings. f) As described in Note 6a – Equity Method Investments, the Partnership, has a 30% ownership interest in the Bahrain LNG Joint Venture for the development of an LNG receiving and regasification terminal in Bahrain. The project will include a FSU, which will be modified from one of the Partnership’s existing MEGI LNG carrier newbuildings, an offshore gas receiving facility, and an onshore nitrogen production facility. The terminal will have a capacity of 800 million standard cubic feet per day and will be owned and operated under a 20-year agreement commencing July 2018. The receiving and regasification terminal is expected to have a fully-built up cost of approximately $872 million. As at December 31, 2015, the Partnership’s proportionate share of the costs to be incurred are $115.2 million (2016), $84.0 million (2017) and $62.4 million (2018). The Bahrain LNG Joint Venture intends to secure debt financing for approximately 75% of the fully built-up cost of the LNG receiving and regasification terminal in Bahrain. g) As described in Note 6d ̶ Equity Method Investments, the Partnership, has a 50% ownership interest in the Exmar LPG Joint Venture which has seven LPG newbuilding vessels scheduled for delivery between 2016 and 2018 and has obtained financing for three of these newbuilding vessels. As at December 31, 2015, the Partnership’s proportionate share of the remaining costs for these seven newbuilding carriers, net of the financing, totaled $4.9 million (2016), $62.7 million (2017) and $19.3 million (2018). |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 15. Supplemental Cash Flow Information a) The changes in operating assets and liabilities for years ended December 31, 2015, 2014 and 2013 are as follows: Year Ended Year Ended Year Ended December 31, December 31, December 31, 2015 2014 2013 $ $ $ Accounts receivable (5,140 ) 9,957 (6,436 ) Prepaid expenses (494 ) 1,781 80 Accounts payable 2,127 (1,098 ) (437 ) Accrued liabilities (1,581 ) (6,759 ) 7,662 Unearned revenue and long-term unearned revenue (562 ) (536 ) (6,956 ) Restricted cash (2,785 ) — 4,258 Advances to and from affiliates (23,714 ) 17,953 14,417 Other operating assets and liabilities (2,038 ) (2,476 ) (2,510 ) Total (34,187 ) 18,822 10,078 b) Cash interest paid (including realized losses on interest rate swaps) on long-term debt, advances from affiliates and capital lease obligations, net of amounts capitalized, during the years ended December 31, 2015, 2014 and 2013 totaled $94.5 million, $128.7 million, and $133.7 million, respectively. c) During the years ended December 31, 2015, 2014 and 2013, cash paid for corporate income taxes was $7.8 million, $2.3 million and $5.6 million, respectively. d) During 2013, the Partnership acquired two LNG carriers from Awilco for a purchase price of $205.0 million per vessel. The upfront prepayment of charter hire of $51.0 million (inclusive of a $1.0 million upfront fee) per vessel was used to offset the purchase price and was treated as a non-cash transaction in the Partnership’s consolidated statements of cash flows. e) During 2014 and 2013, the sales of the Tenerife Spirit, Huelva Spirit, Algeciras Spirit Algeciras Spirit Huelva Spirit Tenerife Spirit f) During 2014, the Partnership acquired an LPG carrier, the Norgas Napa g) A portion of the dividends declared by the Teekay Tangguh Joint Venture on February 1, 2014 that was used to settle advances made by the Teekay Tangguh Joint Venture to BLT LNG Tangguh Corporation and P.T. Berlian Laju Tanker of $14.4 million, was treated as a non-cash transaction in the Partnership’s consolidated statements of cash flows. h) As described in Notes 6c – Equity Method Investments and 14d – Commitments and Contingencies, during 2014, the Partnership acquired BG’s ownership interest in the BG Joint Venture. As compensation, the Partnership assumed BG’s obligation (net of an agreement by BG to pay the Partnership approximately $20.3 million) to provide shipbuilding supervision and crew training services for the four LNG carrier newbuildings up to their delivery dates pursuant to a ship construction support agreement. The estimated fair value of the assumed obligation of approximately $33.3 million was used to offset the purchase price and the Partnership’s receivable from BG and was treated as a non-cash transaction in the Partnership’s consolidated statements of cash flows. |
Total Capital and Net Income Pe
Total Capital and Net Income Per Unit | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Total Capital and Net Income Per Unit | 16. Total Capital and Net Income Per Unit The following table summarizes the issuances of common units over the three years ending December 31, 2015: Date Units Issued Offering Gross (i) Net Teekay (ii) Use of Proceeds Continuous offering program during 2013 124,071 (iii) 5,383 4,926 (iii) General partnership purposes July 2013 931,098 $42.96 40,816 40,776 36.92% Funding of LNG carrier newbuilding October 2013 3,450,000 $42.62 150,040 144,818 35.30% Prepayment of revolving credit facilities, funding of an LNG carrier acquisition and for general partnership purposes July 2014 3,090,000 $44.65 140,784 140,484 33.96% Prepayment of revolving credit facilities, funding of the Yamal LNG Project and portion of the MEGI newbuildings Continuous offering program during 2014 1,050,463 (iii) 42,556 41,655 (iii) General partnership purposes including funding newbuilding installments Continuous offering program during 2015 (iv) 1,173,428 (iii) 36,274 35,374 (iii) General partnership purposes, including funding newbuilding installments (i) Including the General Partner’s 2% proportionate capital contribution. (ii) Including Teekay Corporation’s indirect 2% general partner interest. (iii) Commencing in May 2013, the Partnership implemented a continuous offering program (or COP (iv) Includes 160,000 common units for net proceeds of $6.8 million (including General Partner’s 2% proportionate capital contribution) from the COP executed in 2014 that were received in January 2015. Limited Partners' Rights Significant rights of the Partnership’s limited partners include the following: • Right to receive distribution of Available Cash (as defined in the partnership agreement and which takes into account cash reserves for, among other things, future capital expenditures and for future credit needs of the Partnership) within approximately 45 days after the end of each quarter. • No limited partner shall have any management power over the Partnership’s business and affairs; the General Partner conducts, directs and manages the Partnership’s activities. • The General Partner may be removed if such removal is approved by unitholders holding at least 66-2/3% of the outstanding units voting as a single class, including units held by our General Partner and its affiliates. Incentive Distribution Rights The General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels shown below: Quarterly Distribution Target Amount (per unit) Unitholders General Partner Minimum quarterly distribution of $0.4125 98 % 2 % Up to $0.4625 98 % 2 % Above $0.4625 up to $0.5375 85 % 15 % Above $0.5375 up to $0.6500 75 % 25 % Above $0.6500 50 % 50 % During 2015, cash distributions with respect to the first three quarters of 2015 exceeded $0.4625 per common unit, and were below $0.4625 per common unit with respect to the distribution for the fourth quarter of 2015. Consequently, the assumed distribution of net income resulted in the use of the increasing percentages to calculate the General Partner’s interest in net income for the purposes of the net income per common unit calculation up to September 30, 2015 and increasing percentages were not used to calculate the General Partner’s interest in net income for the purposes of the net income per common unit calculation from October 1, 2015 to December 31, 2015. In the event of a liquidation, all property and cash in excess of that required to discharge all liabilities will be distributed to the unitholders and the General Partner in proportion to their capital account balances, as adjusted to reflect any gain or loss upon the sale or other disposition of the Partnership’s assets in liquidation in accordance with the partnership agreement. Net Income Per Unit Net income per unit is determined by dividing net income, after deducting the amount of net income attributable to the non-controlling interest and the General Partner’s interest, by the weighted-average number of units outstanding during the period. The General Partner’s and common unitholders’ interests in net income are calculated as if all net income was distributed according to the terms of the Partnership’s partnership agreement, regardless of whether those earnings would or could be distributed. The partnership agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash, which is a contractually defined term that generally means all cash on hand at the end of each quarter after establishment of cash reserves determined by the Partnership’s board of directors to provide for the proper conduct of the Partnership’s business, including reserves for maintenance and replacement capital expenditure and anticipated credit needs. In addition, the General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels. Unlike available cash, net income is affected by non-cash items, such as depreciation and amortization, unrealized gains or losses on non-designated derivative instruments and foreign currency translation gains (losses). Pursuant to the Partnership agreement, allocations to partners are made on a quarterly basis. |
Unit-Based Compensation
Unit-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unit-Based Compensation | 17. Unit-Based Compensation In March 2015, a total of 10,447 common units, with an aggregate value of $0.4 million, were granted to the non-management directors of the General Partner as part of their annual compensation for 2015. These common units were fully vested upon grant. During 2014 and 2013, the Partnership awarded 9,521 and 7,362 common units, respectively, as compensation to non-management directors. The awards were fully vested in March 2014 and March 2013, respectively. The compensation to the non-management directors is included in general and administrative expenses on the Partnership’s consolidated statements of income. During March 2015, 2014 and 2013, the Partnership granted 32,054, 31,961 and 36,878 restricted units, respectively, with grant date fair values of $1.1 million, $1.3 million and $1.5 million, respectively, based on the Partnership’s closing unit price on the grant date, to certain of the Partnership’s employees and to certain employees of Teekay Corporation’s subsidiaries who provide services to the Partnership. Each restricted unit represents one of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. The restricted units vest equally over three years from the grant date. Any portion of a restricted unit award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement, and in this case, the restricted unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted unit awards is paid to each recipient in the form of units, net of withholding tax. During the years ended December 31, 2015, 2014 and 2013, the Partnership recorded an expense of $1.2 million, $1.0 million, and $1.0 million, respectively, related to the restricted units. |
Restructuring Charge
Restructuring Charge | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charge | 18. Restructuring Charge a) Compania Espanole de Petroles, S.A., the charterer and owner of the Partnership’s former conventional vessels under capital lease, sold the Tenerife Spirit, Algeciras Spirit Huelva Spirit b) During 2015, pursuant to a request by the charterer of the Alexander Spirit |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events On February 18, 2016, the Partnership took delivery of its first MEGI LNG carrier newbuilding, which commenced its five-year charter contract with a subsidiary of Cheniere Energy, Inc. on February 29, 2016. The Partnership’s second MEGI LNG carrier newbuilding is scheduled to deliver in mid-2016. In February 2016, the Partnership secured financing for these two MEGI LNG carrier newbuildings through a sale-leaseback transaction of approximately $179 million per vessel. During February and March 2016, Centrofin Management Inc., the charterer for both the Bermuda Spirit Hamilton Spirit Bermuda Spirit Hamilton Spirit Bermuda Spirit Hamilton Spirit |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP Partnership Significant intercompany balances and transactions have been eliminated upon consolidation. In addition, certain of the comparative figures as at December 31, 2014 have been reclassified to conform to the presentation adopted in the current period relating to debt issuance costs. As part of the adoption of Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ASU 2015-03 |
Foreign currency | Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership and its subsidiaries is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income. |
Operating revenues and expenses | Operating revenues and expenses The lease element of time-charters and bareboat charters accounted for as operating leases are recognized by the Partnership on a straight-line basis daily over the term of the charter as the applicable vessel operates under the charter. The lease element of the Partnership’s time-charters that are accounted for as direct financing leases are reflected on the balance sheets as net investments in direct financing leases. The lease element is recognized over the lease term using the effective interest rate method and is included in voyage revenues. The Partnership recognizes revenues from the non-lease element of time-charter contracts as services are performed. The Partnership does not recognize revenues during days that the vessel is off-hire. |
Voyage Expenses | Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. |
Cash and cash equivalents | Cash and cash equivalents The Partnership classifies all highly-liquid investments with a maturity date of three months or less when purchased as cash and cash equivalents. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in existing accounts receivable. The Partnership determines the allowance based on historical write-off experience and customer economic data. The Partnership reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged against the allowance when the Partnership believes that the receivable will not be recovered. |
Vessels and equipment | Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest and supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for conventional tankers, 30 years for liquefied petroleum gas (or LPG LNG Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Interest costs capitalized to vessels and equipment for the years ended December 31, 2015, 2014 and 2013 aggregated $8.2 million, $3.1 million and $1.3 million, respectively. Gains on vessels sold and leased back under capital leases are deferred and amortized over the remaining estimated useful life of the vessel. Losses on vessels sold and leased back under capital leases are recognized immediately to the extent that the fair value of the vessel at the time of sale-leaseback is less than its book value. Generally, the Partnership dry docks each of its vessels every five years. In addition, a shipping society classification intermediate survey is performed on the Partnership’s LNG and LPG carriers between the second and third year of the five-year dry-docking period. The Partnership capitalizes certain costs incurred during dry docking and for the survey and amortizes those costs on a straight-line basis from the completion of a dry docking or intermediate survey over the estimated useful life of the dry dock. The Partnership includes in capitalized dry docking those costs incurred as part of the dry docking to meet regulatory requirements, or expenditures that either add economic life to the vessel, increase the vessel’s earning capacity or improve the vessel’s operating efficiency. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking that do not improve operating efficiency or extend the useful lives of the assets. The following table summarizes the change in the Partnership’s capitalized dry docking costs, from January 1, 2013 to December 31, 2015: Year Ended December 31, 2015 $ 2014 $ 2013 $ Balance at January 1, 33,635 40,328 28,821 Cost incurred for dry docking 10,357 13,471 27,203 Sales of vessels (note 15e) — (5,327 ) (2,285 ) Dry-dock amortization (10,076 ) (14,837 ) (13,411 ) Balance at December 31, 33,916 33,635 40,328 Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. |
Investments in and advances to equity accounted joint ventures | Investments in and advances to equity accounted joint ventures The Partnership’s investments in certain joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Partnership’s proportionate share of earnings or losses and distributions. In addition, the Partnership’s advances to equity accounted joint ventures are recorded at cost. The Partnership evaluates its investment in and advances to equity accounted joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income. |
Debt issuance costs | Debt issuance costs Debt issuance costs, including fees, commissions and legal expenses, are presented as a direct reduction from the carrying amount of the debt liability and are amortized on an effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. The Partnership’s finite life intangible assets consist of acquired time-charter contracts and are amortized on a straight-line basis over the remaining term of the time-charters. Finite life intangible assets are assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable. |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheet and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. At December 31, 2015, the Partnership has not applied hedge accounting to its derivative instruments, except for several interest rate swaps in its equity accounted joint ventures (see note 6). When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the consolidated statements of income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of income. If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item (e.g. interest expense) in the consolidated statements of income. If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the consolidated statements of income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ASC Derivatives and Hedging Toledo Spirit |
Unit-based compensation | Unit-based compensation The Partnership grants restricted unit awards as incentive-based compensation under the Teekay LNG Partners L.P. 2005 Long-Term Incentive Plan to certain of the Partnership’s employees and to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership. The Partnership measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For unit-based compensation awards subject to graded vesting, the Partnership calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Partnership’s unit-based compensation awards are reflected in general and administrative expenses in the Partnership’s consolidated statements of income. |
Income taxes | Income taxes The Partnership accounts for income taxes using the liability method. All but two of the Partnership’s Spanish-flagged vessels are subject to the Spanish Tonnage Tax Regime (or TTR The Partnership recognizes the benefits of uncertain tax positions when it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements. The Partnership recognizes interest and penalties related to uncertain tax positions in income tax expense in the Partnership’s consolidated statements of income. |
Guarantees | Guarantees Guarantees issued by the Partnership, excluding those that are guaranteeing its own performance, are recognized at fair value at the time the guarantees are issued and are presented in the Partnership’s consolidated balance sheets as other long-term liabilities. The liability recognized on issuance is amortized to other income (expense) on the Partnership’s consolidated statements of income as the Partnership’s risk from the guarantees declines over the term of the guarantee. If it becomes probable that the Partnership will have to perform under a guarantee, the Partnership will recognize an additional liability if the amount of the loss can be reasonably estimated. |
Accumulated other comprehensive (loss) income | Accumulated other comprehensive (loss) income The following table contains the changes in the balance of the Partnership’s only component of accumulated other comprehensive (loss) income for the periods presented: Qualifying Cash Flow Hedging Instruments $ Balance as at December 31, 2013 131 Other comprehensive loss (1,534 ) Balance as at December 31, 2014 (1,403 ) Other comprehensive loss (648 ) Balance as at December 31, 2015 (2,051 ) |
Accounting Pronouncements | In April 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ASU 2014-08 In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ASU 2014-09 In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis ASU 2015-02 In April 2015, the FASB issued ASU 2015-03. The Partnership adopted ASU 2015-03 effective December 31, 2015. Prior period information has been retrospectively adjusted. Prior to the adoption of ASU 2015-03, all debt issuance costs were presented as other non-current assets in the Partnership’s consolidated balance sheets. With the adoption of ASU 2015-03 the Partnership presents those debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability in the Partnership’s consolidated balance sheets. Debt issuance costs related to loan facilities without a recognized debt liability will continue to be presented as non-current assets in the Partnership’s consolidated balance sheets. As a result of adopting ASU 2015-03, non-current assets and total assets have decreased by $16.3 million (December 31, 2015) and $17.1 million (December 31, 2014), current portion of long-term debt and current liabilities has decreased by $1.1 million (December 31, 2015) and $0.1 million (December 31, 2014), long-term debt has decreased by $15.2 million (December 31, 2015) and $17.0 million (December 31, 2014), and total liabilities has decreased by $16.3 million (December 31, 2015) and $17.1 million (December 31, 2014). Such changes have also impacted the Partnership’s reconciliation of segment assets to total assets (see Note 4) and the carrying value of long-term debt (see Note 10). In addition, the Partnership’s equity accounted investments have adopted ASU 2015-03 effective December 31, 2015. As a result, the Partnership’s condensed summary of its equity accounted investments in Note 6 has been impacted. More specifically, other assets - non-current has decreased by $60.8 million (December 31, 2015) and $17.8 million (December 31, 2014), vessels and equipment has decreased by $15.8 million (December 31, 2014), net investments in direct financing leases – non-current has decreased by $23.5 million (December 31, 2014), current portion of long-term debt and obligations under capital lease has decreased by $5.0 million (December 31, 2015) and $5.0 million (December 31, 2014), and long-term debt and obligations under capital lease has decreased by $55.8 million (December 31, 2015) and $52.1 million (December 31, 2014). In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases ASU 2016-02 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Changes in Partnership's Capitalized Dry Docking Costs | The following table summarizes the change in the Partnership’s capitalized dry docking costs, from January 1, 2013 to December 31, 2015: Year Ended December 31, 2015 $ 2014 $ 2013 $ Balance at January 1, 33,635 40,328 28,821 Cost incurred for dry docking 10,357 13,471 27,203 Sales of vessels (note 15e) 0 (5,327 ) (2,285 ) Dry-dock amortization (10,076 ) (14,837 ) (13,411 ) Balance at December 31, 33,916 33,635 40,328 |
Changes in Balances of Component of Accumulated Other Comprehensive (Loss) Income | The following table contains the changes in the balance of the Partnership’s only component of accumulated other comprehensive (loss) income for the periods presented: Qualifying Cash Flow Hedging Instruments $ Balance as at December 31, 2013 131 Other comprehensive loss (1,534 ) Balance as at December 31, 2014 (1,403 ) Other comprehensive loss (648 ) Balance as at December 31, 2015 (2,051 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at a fair value on a recurring basis. December 31, 2015 December 31, 2014 Fair Value Carrying $ Fair Value Asset $ Carrying $ Fair Value Asset $ Recurring: Cash and cash equivalents and restricted cash Level 1 214,000 214,000 205,636 205,636 Derivative instruments (note 13) Interest rate swap agreements Level 2 (104,137 ) (104,137 ) (119,558 ) (119,558 ) Interest rate swaption agreements – assets Level 2 5,623 5,623 — — Interest rate swaption agreements – liabilities Level 2 (6,406 ) (6,406 ) — — Cross currency swap agreements Level 2 (128,782 ) (128,782 ) (70,386 ) (70,386 ) Other derivative Level 3 (6,296 ) (6,296 ) (2,137 ) (2,137 ) Other: Advances to equity accounted joint ventures (note 7) (i ) 159,870 (i ) 181,514 (i ) Long-term receivable included in accounts receivable and other assets (ii) Level 3 16,453 16,427 17,137 17,164 Long-term debt – public (note 10) Level 1 (291,247 ) (288,333 ) (212,536 ) (220,762 ) Long-term debt – non-public (note 10) Level 2 (1,707,962 ) (1,677,139 ) (1,694,445 ) (1,659,852 ) (i) The advances to equity accounted joint ventures together with the Partnership’s equity investments in the joint ventures form the net aggregate carrying value of the Partnership’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. (ii) As at December 31, 2015, the estimated fair value of the non-interest bearing receivable is based on the remaining future fixed payments of $18.2 million to be received from BG International Limited (or BG |
Changes in Fair Value of Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the years ended December 31, 2015 and 2014 for the Partnership’s other derivative asset, the Toledo Spirit time-charter derivative, which is described below and is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended December 31, 2015 $ 2014 $ Fair value at beginning of year (2,137) 6,344 Realized and unrealized (losses) gains included in earnings (5,039) (7,161) Settlements 880 (1,320) Fair value at end of year (6,296) (2,137) |
Summary of Partnership's Loan Receivables and Other Financing Receivables | The following table contains a summary of the Partnership’s loan receivables and other financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis. Class of Financing Receivable Credit Quality Indicator Grade December 31, $ December 31, $ Direct financing leases Payment activity Performing 666,658 682,495 Other receivables: Long-term Payment activity Performing 28,256 30,664 Advances to equity accounted joint ventures (note 7) Other internal metrics Performing 159,870 181,514 854,784 894,673 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Revenues and Percentage of Consolidated Voyage Revenues from Top Customers | The following table presents voyage revenues and percentage of consolidated voyage revenues for the Partnership’s top customers during any of the periods presented. (U.S. Dollars in millions) Year Ended Year Ended Year Ended Ras Laffan Liquefied Natural Gas Company Ltd. (i) $ 70.1 or 18 % $ 69.8 or 17 % $ 69.7 or 17 % Shell Spain LNG S.A.U. (i),(ii) $ 48.5 or 12 % $ 51.8 or 13 % $ 53.5 or 13 % The Tangguh Production Sharing Contractors (i) $ 44.9 or 11 % $ 44.3 or 11 % $ 47.3 or 12 % (i) Liquefied gas segment. (ii) Shell Spain LNG S.A.U. acquired the charter contracts from Repsol YPF, S.A. in March 2014. The voyage revenues in 2014 consisted of the voyage revenues from both customers relating to the same charter contract; voyage revenues in 2013 were only from Repsol YPF. S.A. |
Segment Reporting Information | The following tables include results for these segments for the years presented in these financial statements. Year Ended December 31, 2015 Liquefied Gas $ Conventional $ Total $ Voyage revenues 305,056 92,935 397,991 Voyage recoveries (expenses) 203 (1,349 ) (1,146 ) Vessel operating expenses (63,344 ) (30,757 ) (94,101 ) Depreciation and amortization (71,323 ) (20,930 ) (92,253 ) General and administrative expenses (i) (19,392 ) (5,726 ) (25,118 ) Restructuring charge — (4,001 ) (4,001 ) Income from vessel operations 151,200 30,172 181,372 Equity income 84,171 — 84,171 Investment in and advances to equity accounted joint ventures 883,731 — 883,731 Total assets at December 31, 2015 3,550,396 360,527 3,910,923 Expenditures for vessels and equipment (191,642 ) (327 ) (191,969 ) Expenditures for dry docking (8,659 ) (1,698 ) (10,357 ) Year Ended December 31, 2014 Liquefied Gas $ Conventional $ Total $ Voyage revenues 307,426 95,502 402,928 Voyage expenses (1,768 ) (1,553 ) (3,321 ) Vessel operating expenses (59,087 ) (36,721 ) (95,808 ) Depreciation and amortization (71,711 ) (22,416 ) (94,127 ) General and administrative expenses (i) (17,992 ) (5,868 ) (23,860 ) Restructuring charge — (1,989 ) (1,989 ) Income from vessel operations 156,868 26,955 183,823 Equity income 115,478 — 115,478 Investment in and advances to equity accounted joint ventures 891,478 — 891,478 Total assets at December 31, 2014 3,379,279 381,175 3,760,454 Expenditures for vessels and equipment (193,669 ) (586 ) (194,255 ) Expenditures for dry docking (8,127 ) (5,344 ) (13,471 ) Year Ended December 31, 2013 Liquefied Gas $ Conventional $ Total $ Voyage revenues 285,694 113,582 399,276 Voyage expenses (407 ) (2,450 ) (2,857 ) Vessel operating expenses (55,459 ) (44,490 ) (99,949 ) Depreciation and amortization (71,485 ) (26,399 ) (97,884 ) General and administrative expenses (i) (13,913 ) (6,531 ) (20,444 ) Restructuring charge — (1,786 ) (1,786 ) Income from vessel operations 144,430 31,926 176,356 Equity income 123,282 — 123,282 Expenditures for vessels and equipment (469,463 ) (750 ) (470,213 ) Expenditures for dry docking (21,090 ) (6,113 ) (27,203 ) (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). |
Reconciliation of Total Segment Assets | A reconciliation of total segment assets presented in the consolidated balance sheets is as follows: December 31, $ December 31, $ Total assets of the liquefied gas segment 3,550,396 3,379,279 Total assets of the conventional tanker segment 360,527 381,175 Unallocated: Cash and cash equivalents 102,481 159,639 Accounts receivable and prepaid expenses 26,550 15,240 Advances to affiliates 13,026 11,942 Consolidated total assets 4,052,980 3,947,275 |
Leases and Restricted Cash (Tab
Leases and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Capital Lease Obligations | Capital Lease Obligations December 31, $ December 31, $ Suezmax Tankers 59,127 63,550 Less current portion 4,546 4,422 Long-term obligations under capital lease 54,581 59,128 |
Commitment Under Capital Leases | As at December 31, 2015, the remaining commitments under the two capital leases, including the purchase obligations for the two Suezmax tankers, approximated $65.9 million, including imputed interest of $6.8 million, repayable from 2016 through 2018, as indicated below: Year Commitment 2016 $ 7,673 2017 $ 30,953 2018 $ 27,296 |
Estimated Future Minimum Rental Payments to be Received and Paid Under the Lease Contracts | As at December 31, 2015, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i)(ii) 2016 $ 21,242 $ 24,113 2017 $ 21,242 $ 24,113 2018 $ 21,242 $ 24,113 2019 $ 21,242 $ 24,113 2020 $ 21,242 $ 24,113 Thereafter $ 175,337 $ 199,072 Total $ 281,547 $ 319,637 (i) The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2015, the Partnership had received $228.8 million of aggregate Head Lease receipts and had paid $163.7 million of aggregate Sublease payments. The portion of the Head Lease receipts that have not been recognized into earnings are deferred and amortized on a straight line basis over the lease terms and, as at December 31, 2015, $3.8 million and $40.4 million of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Partnership’s consolidated balance sheets. (ii) The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. |
Net Investments in Direct Financing Leases | The following table lists the components of the net investments in direct financing leases: December 31, $ December 31, $ Total minimum lease payments to be received 843,079 914,943 Estimated unguaranteed residual value of leased properties 194,965 194,965 Initial direct costs 425 458 Unearned revenue (371,811 ) (427,871 ) Total 666,658 682,495 Less current portion 20,606 15,837 Net investments in direct financing leases - non-current 646,052 666,658 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Financial Information of Joint Ventures | The following table presents aggregated summarized financial information assuming a 100% ownership interest in the Partnership’s equity method investments and excluding the impact from purchase price adjustments arising from the acquisition of Exmar LPG BVBA, the Excalibur and Excelsior Joint Ventures and the BG Joint Venture. The results included the Excalibur and Excelsior Joint Venture, the RasGas 3 Joint Venture, the Angola Joint Ventures, the Exmar LPG Joint Venture from February 2013, the BG Joint Venture from June 2014 and the Yamal LNG Joint Venture from July 2014. As at December 31, 2015 2014 $ $ Cash and restricted cash 281,943 287,207 Other assets – current 77,861 137,055 Vessels and equipment 2,343,397 2,243,381 Net investments in direct financing leases – non-current 1,813,991 1,850,279 Other assets – non-current 22,120 14,515 Current portion of long-term debt and obligations under capital lease 166,522 435,272 Other liabilities – current 97,405 125,787 Long-term debt and obligations under capital lease 2,582,721 2,321,562 Other liabilities – non-current 381,213 390,467 Years ended December 31, 2015 $ 2014 $ 2013 $ Voyage revenues 596,093 640,105 625,414 Income from vessel operations 302,731 398,836 335,062 Realized and unrealized (loss) gain on derivative instruments (25,108 ) (52,938 ) 16,334 Net income 203,280 267,990 277,096 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Intangible Assets for Partnership's Reportable Segments | The carrying amount of intangible assets for the Partnership’s reportable segments is as follows: December 31, 2015 December 31, 2014 Liquefied Gas $ Conventional $ Total $ Liquefied Gas $ Conventional $ Total $ Gross carrying amount 179,813 6,797 186,610 179,813 6,797 186,610 Accumulated amortization (101,023 ) (6,797 ) (107,820 ) (92,167 ) (6,797 ) (98,964 ) Net carrying amount 78,790 — 78,790 87,646 — 87,646 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | December 31, $ December 31, $ Interest including interest rate swaps 17,484 17,035 Voyage and vessel expenses 9,315 7,829 Payroll and benefits 5,431 5,560 Other general expenses 2,785 4,224 Income tax payable and other 2,441 4,389 Total 37,456 39,037 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | December 31, $ December 31, $ U.S. Dollar-denominated Revolving Credit Facilities due through 2016 to 2018 329,222 257,661 U.S. Dollar-denominated Term Loan due through 2016 50,415 — U.S. Dollar-denominated Term Loan due through 2018 83,393 93,595 U.S. Dollar-denominated Term Loan due through 2018 108,333 116,667 U.S. Dollar-denominated Term Loan due through 2018 117,000 125,667 U.S. Dollar-denominated Term Loan due through 2021 271,991 285,274 U.S. Dollar-denominated Term Loan due through 2021 88,339 95,560 U.S. Dollar-denominated Term Loan due through 2026 430,965 450,000 Norwegian Kroner-denominated Bond due in 2017 79,158 93,934 Norwegian Kroner-denominated Bond due in 2018 101,775 120,773 Norwegian Kroner-denominated Bond due in 2020 113,083 — Euro-denominated Term Loans due through 2023 241,798 284,993 Total principal 2,015,472 1,924,124 Unamortized discount and debt issuance costs (16,263) (17,143) Total debt 1,999,209 1,906,981 Less current portion 197,197 157,088 Long-term debt 1,802,012 1,749,893 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | The components of the provision for income taxes were as follows: Year Ended $ Year Ended $ Year Ended $ Current (2,646 ) (5,212 ) (1,482 ) Deferred (76 ) (2,355 ) (3,674 ) Income tax expense (2,722 ) (7,567 ) (5,156 ) |
Reconciliations of Tax Charge | Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended $ Year Ended $ Year Ended $ Net income before income tax expenses 220,232 226,494 218,471 Net income not subject to taxes (173,298 ) (81,604 ) (131,529 ) Net income subject to taxes 46,934 144,890 86,942 At applicable statutory tax rates Amount computed using the standard rate of corporate tax (12,007 ) (33,083 ) (16,476 ) Adjustments to valuation allowance and uncertain tax position 5,362 14,851 12,830 Permanent and currency differences 4,204 11,507 1,576 Change in tax rate (281 ) (842 ) (3,086 ) Tax expense charge related to the current year (2,722 ) (7,567 ) (5,156 ) |
Components of Partnership's Deferred Tax Assets (Liabilities) | The significant components of the Partnership’s deferred tax assets (liabilities) were as follows: Year Ended $ Year Ended $ Derivative instruments 7,021 8,647 Taxation loss carryforwards and disallowed finance costs 44,823 48,440 Vessels and equipment 3,462 3,602 Capitalized interest (2,184 ) (2,261 ) 53,122 58,428 Valuation allowance (53,198 ) (58,428 ) Net deferred tax liabilities included in accrued liabilities (76 ) — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Such related party transactions were as follows for the periods indicated: Year Ended December 31, $ December 31, $ December 31, $ Voyage revenues (i) 35,887 37,596 34,573 Vessel operating expenses (19,914 ) (12,703 ) (10,847 ) General and administrative expenses (ii) (14,485 ) (13,708 ) (11,959 ) (i) Commencing in 2008, the Arctic Spirit Polar Spirit (ii) Includes commercial, strategic, advisory, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our General Partner for costs incurred on the Partnership’s behalf. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Cross Currency Swap Agreements | The following table reflects information relating to the cross-currency swaps as at December 31, 2015. Principal Principal Floating Rate Receivable Fair Value / Carrying Weighted- Amount Amount Reference Margin Fixed Rate (Liability) Term 700,000 125,000 NIBOR 5.25% 6.88% (49,703) 1.3 900,000 150,000 NIBOR 4.35% 6.43% (54,027) 2.7 1,000,000 134,000 NIBOR 3.70% 5.92% (25,052) 4.4 (128,782) |
Interest Rate Swap Agreements | As at December 31, 2015, the Partnership was committed to the following interest rate swap agreements: Interest Index Principal $ Fair Value / Carrying Weighted- Fixed (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps LIBOR 90,000 (8,965) 2.7 4.9 U.S. Dollar-denominated interest rate swaps LIBOR 100,000 (5,817) 1.0 5.3 U.S. Dollar-denominated interest rate swaps (ii) LIBOR 168,750 (34,567) 13.0 5.2 U.S. Dollar-denominated interest rate swaps (ii) LIBOR 64,268 (2,661) 5.6 2.8 U.S. Dollar-denominated interest rate swaps (iii) LIBOR 320,000 (15,112) 0.3 2.9 U.S. Dollar-denominated interest rate swaps (iv) LIBOR 117,000 (1,341) 3.0 1.7 EURIBOR-Based Debt: Euro-denominated interest rate swaps (v) EURIBOR 241,798 (35,674) 5.0 3.1 (104,137) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at December 31, 2015, ranged from 0.30% to 2.80%. (ii) Principal amount reduces semi-annually. (iii) These interest rate swaps are being used to economically hedge expected interest payments on future debt that is planned to be outstanding from 2016 to 2021. These interest rate swaps are subject to mandatory early termination in 2016 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces quarterly. (v) Principal amount reduces monthly to 70.1 million Euros ($76.1 million) by the maturity dates of the swap agreements. |
Location and Fair Value Amounts of Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s consolidated balance sheets. Derivative Accrued Current Derivative As at December 31, 2015 Interest rate swap agreements — (6,833 ) (41,028 ) (56,276 ) Interest rate swaption agreements 5,623 — — (6,406 ) Cross-currency swap agreements — (1,181 ) (9,755 ) (117,846 ) Toledo Spirit time-charter derivative — (3,186 ) (1,300 ) (1,810 ) 5,623 (11,200 ) (52,083 ) (182,338 ) As at December 31, 2014 Interest rate swap agreements 441 (7,486 ) (52,356 ) (60,157 ) Cross-currency swap agreements — (544 ) (4,922 ) (64,920 ) Toledo Spirit time-charter derivative — (637 ) (400 ) (1,100 ) 441 (8,667 ) (57,678 ) (126,177 ) |
Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments | The effect of the gain (loss) on these derivatives on the Partnership’s consolidated statements of income is as follows: Year Ended December 31, 2015 2014 2013 Realized Unrealized Total Realized Unrealized Total Realized Unrealized Total Interest rate swap agreements (28,968 ) 14,768 (14,200 ) (39,406 ) 4,204 (35,202 ) (38,089 ) 18,868 (19,221 ) Interest rate swaption agreements — (783 ) (783 ) — — — — — — Interest rate swap agreements termination — — — (2,319 ) — (2,319 ) — — — Toledo Spirit time-charter derivative (3,429 ) (1,610 ) (5,039 ) (861 ) (6,300 ) (7,161 ) 1,521 3,700 5,221 (32,397 ) 12,375 (20,022 ) (42,586 ) (2,096 ) (44,682 ) (36,568 ) 22,568 (14,000 ) |
Interest rate swaption agreements [Member] | |
Interest Rate Swap Agreements | At December 31, 2015, the terms of the interest rate swaps underlying the interest rate swaptions were as follows: Interest Principal Option Fair Value / Remaining Interest Interest rate swaption - Call Option LIBOR 155,000 (i) April 28, 2017 686 7.5 3.34 % Interest rate swaption - Put Option LIBOR 155,000 (i) April 28, 2017 (2,626 ) 7.5 2.15 % Interest rate swaption - Call Option LIBOR 160,000 (ii) January 31, 2018 1,956 8.0 3.10 % Interest rate swaption - Put Option LIBOR 160,000 (ii) January 31, 2018 (2,041 ) 8.0 1.97 % Interest rate swaption - Call Option LIBOR 160,000 (iii) July 16, 2018 2,981 8.0 2.94 % Interest rate swaption - Put Option LIBOR 160,000 (iii) July 16, 2018 (1,739 ) 8.0 1.83 % (i) Amortizing every three months from $155.0 million in April 2017 to $85.4 million in October 2024. (ii) Amortizing every three months from $160.0 million in January 2018 to $82.5 million in January 2026. (iii) Amortizing every three months from $160.0 million in July 2018 to $82.5 million in July 2026. |
Supplemental Cash Flow Inform41
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Changes in Operating Assets and Liabilities | a) The changes in operating assets and liabilities for years ended December 31, 2015, 2014 and 2013 are as follows: Year Ended $ Year Ended $ Year Ended $ Accounts receivable (5,140 ) 9,957 (6,436 ) Prepaid expenses (494 ) 1,781 80 Accounts payable 2,127 (1,098 ) (437 ) Accrued liabilities (1,581 ) (6,759 ) 7,662 Unearned revenue and long-term unearned revenue (562 ) (536 ) (6,956 ) Restricted cash (2,785 ) — 4,258 Advances to and from affiliates (23,714 ) 17,953 14,417 Other operating assets and liabilities (2,038 ) (2,476 ) (2,510 ) Total (34,187 ) 18,822 10,078 |
Total Capital and Net Income 42
Total Capital and Net Income Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Issuances of Common Units | The following table summarizes the issuances of common units over the three years ending December 31, 2015: Date Units Issued Offering Gross (i) Net Teekay (ii) Use of Proceeds Continuous offering program during 2013 124,071 (iii) 5,383 4,926 (iii) General partnership purposes July 2013 931,098 $42.96 40,816 40,776 36.92% Funding of LNG carrier newbuilding October 2013 3,450,000 $42.62 150,040 144,818 35.30% Prepayment of revolving credit facilities, funding of an LNG carrier acquisition and for general partnership purposes July 2014 3,090,000 $44.65 140,784 140,484 33.96% Prepayment of revolving credit facilities, funding of the Yamal LNG Project and portion of the MEGI newbuildings Continuous offering program during 2014 1,050,463 (iii) 42,556 41,655 (iii) General partnership purposes including funding newbuilding installments Continuous offering program during 2015 (iv) 1,173,428 (iii) 36,274 35,374 (iii) General partnership purposes, including funding newbuilding installments (i) Including General Partner’s 2% proportionate capital contribution. (ii) Including Teekay Corporation’s indirect 2% general partner interest. (iii) Commencing in May 2013, the Partnership implemented a continuous offering program (or COP (iv) Includes 160,000 common units for net proceed of $6.8 million (including General Partner’s 2% proportionate capital contribution) from the COP executed in 2014 that were received in January 2015. |
Incentive Distributions | The General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels shown below: Quarterly Distribution Target Amount (per unit) Unitholders General Partner Minimum quarterly distribution of $0.4125 98 % 2 % Up to $0.4625 98 % 2 % Above $0.4625 up to $0.5375 85 % 15 % Above $0.5375 up to $0.6500 75 % 25 % Above $0.6500 50 % 50 % |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Vessel | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Depreciation of vessels and equipment | $ 83.4 | $ 70.1 | $ 71.4 |
Interest costs capitalized to vessels and equipment | $ 8.2 | $ 3.1 | $ 1.3 |
Spain [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Tax rate in Spain | 28.00% | ||
Number of vessels | Vessel | 2 | ||
Effective income tax rate on revenue by Spanish vessels tax credit | 90.00% | ||
Effective tax rate on revenues by Spanish vessels | 2.80% | ||
Conventional Tankers [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Estimated useful life in years | 25 years | ||
Liquefied Petroleum Gas [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Estimated useful life in years | 30 years | ||
Liquefied Natural Gas [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Estimated useful life in years | 35 years |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Changes in Partnership's Capitalized Dry Docking Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Beginning balance | $ 1,989,230 | ||
Cost incurred for dry docking | 10,357 | $ 13,471 | $ 27,203 |
Ending balance | 2,108,160 | 1,989,230 | |
Dry-Docking Activity [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Beginning balance | 33,635 | 40,328 | 28,821 |
Cost incurred for dry docking | 10,357 | 13,471 | 27,203 |
Sales of vessels (note 15e) | (5,327) | (2,285) | |
Dry-dock amortization | (10,076) | (14,837) | (13,411) |
Ending balance | $ 33,916 | $ 33,635 | $ 40,328 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Changes in Balances of Component of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Beginning balance | $ (1,403) | $ 131 | |
Other comprehensive loss | (648) | (1,534) | $ 131 |
Ending balance | $ (2,051) | $ (1,403) | $ 131 |
Accounting Pronouncements - Add
Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Non-current assets and total assets | $ 4,052,980 | $ 3,947,275 |
Current portion of long-term debt and current liabilities | 197,197 | 157,088 |
Long-term debt | 1,802,012 | 1,749,893 |
Total Liabilities | 2,509,301 | 2,399,904 |
Other assets - non-current | 20,811 | 27,536 |
Vessels and equipment | 2,108,160 | 1,989,230 |
Net investments in direct financing leases - non-current | 666,658 | 682,495 |
Equity Method Investments [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets - non-current | 22,120 | 14,515 |
Vessels and equipment | 2,343,397 | 2,243,381 |
Net investments in direct financing leases - non-current | 1,813,991 | 1,850,279 |
Current portion of long-term debt and obligations under capital lease | 166,522 | 435,272 |
Long-term debt and obligations under capital lease | 2,583,721 | 2,321,562 |
Accounting Standards Update 2015-03 [Member] | Reclassification Adjustment [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Non-current assets and total assets | (16,300) | (17,100) |
Current portion of long-term debt and current liabilities | (1,100) | (100) |
Long-term debt | (15,200) | (17,000) |
Total Liabilities | (16,300) | (17,100) |
Accounting Standards Update 2015-03 [Member] | Reclassification Adjustment [Member] | Equity Method Investments [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets - non-current | (60,800) | (17,800) |
Vessels and equipment | (15,800) | |
Net investments in direct financing leases - non-current | (23,500) | |
Current portion of long-term debt and obligations under capital lease | (5,000) | (5,000) |
Long-term debt and obligations under capital lease | $ (55,800) | $ (52,100) |
Financial Instruments - Schedul
Financial Instruments - Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ (2,015,472) | $ (1,924,124) |
Carrying Amount Asset (Liability) [Member] | Fair Value Measurements Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Advances to equity accounted joint ventures (note 7) | 159,870 | 181,514 |
Carrying Amount Asset (Liability) [Member] | Level 1 [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents and restricted cash | 214,000 | 205,636 |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate derivative - liabilities | (104,137) | (119,558) |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Cross Currency Swap Agreements [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cross currency swap agreements | (128,782) | (70,386) |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Interest rate swaption agreements [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate derivative - assets | 5,623 | |
Interest rate derivative - liabilities | (6,406) | |
Carrying Amount Asset (Liability) [Member] | Level 3 [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other derivative | (6,296) | (2,137) |
Carrying Amount Asset (Liability) [Member] | Level 3 [Member] | Fair Value Measurements Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivable included in accounts receivable and other assets(ii) | 16,453 | 17,137 |
Carrying Amount Asset (Liability) [Member] | Public [Member] | Level 1 [Member] | Fair Value Measurements Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | (291,247) | (212,536) |
Carrying Amount Asset (Liability) [Member] | Non-public [Member] | Level 2 [Member] | Fair Value Measurements Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | (1,707,962) | (1,694,445) |
Fair Value Asset (Liability) [Member] | Level 1 [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents and restricted cash | 214,000 | 205,636 |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate derivative - liabilities | (104,137) | (119,558) |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Cross Currency Swap Agreements [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cross currency swap agreements | (128,782) | (70,386) |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Interest rate swaption agreements [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate derivative - assets | 5,623 | |
Interest rate derivative - liabilities | (6,406) | |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other derivative | (6,296) | (2,137) |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | Fair Value Measurements Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivable included in accounts receivable and other assets(ii) | 16,427 | 17,164 |
Fair Value Asset (Liability) [Member] | Public [Member] | Level 1 [Member] | Fair Value Measurements Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | (288,333) | (220,762) |
Fair Value Asset (Liability) [Member] | Non-public [Member] | Level 2 [Member] | Fair Value Measurements Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ (1,677,139) | $ (1,659,852) |
Financial Instruments - Sched48
Financial Instruments - Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis (Parenthetical) (Detail) - BG Joint Venture [Member] - Shipbuilding supervision and crew training services [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Discount rate over remaining duration of contract | 8.00% |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term receivable included in accounts receivable and other assets | $ 18.2 |
Financial Instruments - Changes
Financial Instruments - Changes in Fair Value of Asset Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair value at beginning of year | $ (2,137) | $ 6,344 |
Realized and unrealized (losses) gains included in earnings | (5,039) | (7,161) |
Settlements | 880 | (1,320) |
Fair value at end of year | $ (6,296) | $ (2,137) |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Toledo Spirit time-charter derivative [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average daily tanker rate over remaining duration of charter contract | $ 34,093 | $ 27,554 |
Discount rate over remaining duration of contract | 7.50% | 7.40% |
Financial Instruments - Summary
Financial Instruments - Summary of Partnership's Loan Receivables and Other Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Direct financing leases | $ 666,658 | $ 682,495 |
Other receivables: | ||
Total loans receivables and other financing receivables | 854,784 | 894,673 |
Payment Activity [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Direct financing leases | 666,658 | 682,495 |
Other receivables: | ||
Long-term receivable and accrued revenue included in accounts receivable and other assets | 28,256 | 30,664 |
Other Internal Metrics [Member] | Performing [Member] | ||
Other receivables: | ||
Advances to equity accounted joint ventures (note 7) | $ 159,870 | $ 181,514 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015VesselSegment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 2 |
Liquefied Gas Segment [Member] | Liquefied Natural Gas [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 50 |
Liquefied Gas Segment [Member] | Liquefied Natural Gas [Member] | Corporate Joint Venture [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 26 |
Liquefied Gas Segment [Member] | Liquefied Petroleum Gas Multi Gas [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 29 |
Liquefied Gas Segment [Member] | Liquefied Petroleum Gas [Member] | Corporate Joint Venture [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 23 |
Conventional Tankers [Member] | Suezmax Tankers [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 7 |
Conventional Tankers [Member] | Handymax Product [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 1 |
Segment Reporting - Revenues an
Segment Reporting - Revenues and Percentage of Consolidated Voyage Revenues from Top Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Major Customer [Line Items] | |||
Voyage revenues from major customers | $ 397,991 | $ 402,928 | $ 399,276 |
Ras Laffan Liquefied Natural Gas Company Ltd. [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Voyage revenues from major customers | 70,100 | 69,800 | 69,700 |
Shell Spain LNG S.A.U [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Voyage revenues from major customers | 48,500 | 51,800 | 53,500 |
The Tangguh Production Sharing Contractors [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Voyage revenues from major customers | $ 44,900 | $ 44,300 | $ 47,300 |
Sales Revenue, Net [Member] | Ras Laffan Liquefied Natural Gas Company Ltd. [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of voyage revenues from major customers | 18.00% | 17.00% | 17.00% |
Sales Revenue, Net [Member] | Shell Spain LNG S.A.U [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of voyage revenues from major customers | 12.00% | 13.00% | 13.00% |
Sales Revenue, Net [Member] | The Tangguh Production Sharing Contractors [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of voyage revenues from major customers | 11.00% | 11.00% | 12.00% |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 397,991 | $ 402,928 | $ 399,276 |
Voyage recoveries (expenses) | (1,146) | (3,321) | (2,857) |
Vessel operating expenses | (94,101) | (95,808) | (99,949) |
Depreciation and amortization | (92,253) | (94,127) | (97,884) |
General and administrative expenses | (25,118) | (23,860) | (20,444) |
Restructuring charge | (4,001) | (1,989) | (1,786) |
Income from vessel operations | 181,372 | 183,823 | 176,356 |
Equity income | 84,171 | 115,478 | 123,282 |
Investment in and advances to equity accounted joint ventures | 883,731 | 891,478 | |
Total assets | 3,910,923 | 3,760,454 | |
Expenditures for vessels and equipment | (191,969) | (194,255) | (470,213) |
Expenditures for dry docking | (10,357) | (13,471) | (27,203) |
Liquefied Gas Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 305,056 | 307,426 | 285,694 |
Voyage recoveries (expenses) | 203 | (1,768) | (407) |
Vessel operating expenses | (63,344) | (59,087) | (55,459) |
Depreciation and amortization | (71,323) | (71,711) | (71,485) |
General and administrative expenses | (19,392) | (17,992) | (13,913) |
Income from vessel operations | 151,200 | 156,868 | 144,430 |
Equity income | 84,171 | 115,478 | 123,282 |
Investment in and advances to equity accounted joint ventures | 883,731 | 891,478 | |
Total assets | 3,550,396 | 3,379,279 | |
Expenditures for vessels and equipment | (191,642) | (193,669) | (469,463) |
Expenditures for dry docking | (8,659) | (8,127) | (21,090) |
Conventional Tankers [Member] | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 92,935 | 95,502 | 113,582 |
Voyage recoveries (expenses) | (1,349) | (1,553) | (2,450) |
Vessel operating expenses | (30,757) | (36,721) | (44,490) |
Depreciation and amortization | (20,930) | (22,416) | (26,399) |
General and administrative expenses | (5,726) | (5,868) | (6,531) |
Restructuring charge | (4,001) | (1,989) | (1,786) |
Income from vessel operations | 30,172 | 26,955 | 31,926 |
Total assets | 360,527 | 381,175 | |
Expenditures for vessels and equipment | (327) | (586) | (750) |
Expenditures for dry docking | $ (1,698) | $ (5,344) | $ (6,113) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 3,910,923 | $ 3,760,454 | ||
Cash and cash equivalents | 102,481 | 159,639 | $ 139,481 | $ 113,577 |
Accounts receivable and prepaid expenses | 26,550 | 15,240 | ||
Advances to affiliates | 13,026 | 11,942 | ||
Consolidated total assets | 4,052,980 | 3,947,275 | ||
Liquefied Gas Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 3,550,396 | 3,379,279 | ||
Conventional Tankers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | $ 360,527 | $ 381,175 |
Leases and Restricted Cash - Ca
Leases and Restricted Cash - Capital Lease Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Less current portion | $ 4,546 | $ 4,422 |
Long-term obligations under capital lease | 54,581 | 59,128 |
Suezmax Tankers [Member] | ||
Capital Leased Assets [Line Items] | ||
Long-term obligations under capital lease | $ 59,127 | $ 63,550 |
Leases and Restricted Cash - 57
Leases and Restricted Cash - Capital Lease Obligations - Additional Information (Detail) - Suezmax Tankers [Member] | 12 Months Ended |
Dec. 31, 2015USD ($)Vessel | |
Capital Leased Assets [Line Items] | |
Capital lease arrangement period, lessee | Under these capital leases, the owner has the option to require the Partnership to purchase the two vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts and the cancellation options are first exercisable in October 2017 and July 2018, respectively. |
Number of vessels | Vessel | 2 |
Weighted-average interest rate on lease | 5.50% |
Approximate capital leases future minimum payments due | $ | $ 65,900,000 |
Interest expenses included in capital lease payment obligation | $ | $ 6,800,000 |
Including Vessels Sold in the Year [Member] | |
Capital Leased Assets [Line Items] | |
Number of capital leased assets | Vessel | 2 |
Leases and Restricted Cash - Co
Leases and Restricted Cash - Commitment Under Capital Leases (Detail) - Suezmax Tankers [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Commitment under capital lease | |
2,016 | $ 7,673 |
2,017 | 30,953 |
2,018 | $ 27,296 |
Leases and Restricted Cash - Re
Leases and Restricted Cash - Restricted Cash - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Lease Obligations [Abstract] | ||
Restricted cash on deposits relating to certain term loans, collateral cross currency swaps, project tenders, leasing arrangements, dry-docking expenditures and emergency repairs | $ 111.5 | $ 46 |
Leases and Restricted Cash - Op
Leases and Restricted Cash - Operating Lease Obligations - Additional Information (Detail) - Teekay Tangguh Joint Venture [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Vessel | Dec. 31, 2014USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of vessels | Vessel | 2 | |
Tax indemnification of lease contracts | The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred, and ends in 2033. | |
Tax indemnification | $ | $ 8 | $ 8.4 |
Operating lease arrangement period, lessor | 20 years | |
Operating lease arrangement period, lessee | 20 years |
Leases and Restricted Cash - Es
Leases and Restricted Cash - Estimated Future Minimum Rental Payments to be Received and Paid Under the Lease Contracts (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Sublease Payments [Member] | |
Estimated future minimum rental payments to be received and paid under the lease contracts | |
2,016 | $ 24,113 |
2,017 | 24,113 |
2,018 | 24,113 |
2,019 | 24,113 |
2,020 | 24,113 |
Thereafter | 199,072 |
Total | 319,637 |
Head Lease Receipts [Member] | |
Estimated future minimum rental payments to be received and paid under the lease contracts | |
2,016 | 21,242 |
2,017 | 21,242 |
2,018 | 21,242 |
2,019 | 21,242 |
2,020 | 21,242 |
Thereafter | 175,337 |
Total | $ 281,547 |
Leases and Restricted Cash - 62
Leases and Restricted Cash - Estimated Future Minimum Rental Payments to be Received and Paid Under the Lease Contracts (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | ||
Deferred Head Lease receipts | $ 19,608 | $ 16,565 |
Teekay Tangguh Joint Venture [Member] | ||
Operating Leased Assets [Line Items] | ||
Head Lease receipts | 228,800 | |
Sublease payments | 163,700 | |
Deferred Head Lease receipts | 3,800 | |
Teekay Tangguh Joint Venture [Member] | Other Noncurrent Liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Deferred Head Lease receipts | $ 40,400 |
Leases and Restricted Cash - Ne
Leases and Restricted Cash - Net Investments in Direct Financing Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Vesselm³ | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Vessel | |
Capital Leased Assets [Line Items] | |||
Acquisition cost of vessels and associated fixed-rate contracts | $ 191,969 | $ 194,255 | $ 470,213 |
Teekay Tangguh Joint Venture [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital lease arrangement period, lessor | 20-year | ||
Number of vessels | Vessel | 2 | ||
Minimum scheduled future revenues, capital lease, 2016 | $ 39,100 | ||
Minimum scheduled future revenues, capital lease, 2017 | 39,100 | ||
Minimum scheduled future revenues, capital lease, 2018 | 39,100 | ||
Minimum scheduled future revenues, capital lease, 2019 | 39,100 | ||
Minimum scheduled future revenues, capital lease, 2020 | $ 39,100 | ||
Awilco LNG Carriers [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital lease arrangement period, lessor | Plus a one year extension option | ||
Number of vessels | Vessel | 2 | ||
Volume of vessels | m³ | 155,900 | ||
Upfront fee | $ 1,000 | ||
Minimum scheduled future revenues, capital lease, 2016 | $ 35,900 | ||
Minimum scheduled future revenues, capital lease, 2017 | 165,000 | ||
Minimum scheduled future revenues, capital lease, 2018 | $ 134,600 | ||
Awilco LNG Carriers [Member] | Vessel One [Member] | |||
Capital Leased Assets [Line Items] | |||
Acquisition cost of vessels and associated fixed-rate contracts | 205,000 | ||
Upfront prepayment of charter for hire | 51,000 | ||
Awilco LNG Carriers [Member] | Vessel Two [Member] | |||
Capital Leased Assets [Line Items] | |||
Acquisition cost of vessels and associated fixed-rate contracts | 205,000 | ||
Upfront prepayment of charter for hire | $ 51,000 | ||
Awilco LNG Carriers [Member] | Maximum [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital lease arrangement period, lessor | five-year fixed-rate | ||
Awilco LNG Carriers [Member] | Minimum [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital lease arrangement period, lessor | four-year fixed-rate |
Leases and Restricted Cash - 64
Leases and Restricted Cash - Net Investments in Direct Financing Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||
Less current portion | $ 20,606 | $ 15,837 |
Net investments in direct financing leases - non-current | 646,052 | 666,658 |
Total | 666,658 | 682,495 |
Total minimum lease payments to be received | 843,079 | 914,943 |
Estimated unguaranteed residual value of leased properties | 194,965 | 194,965 |
Initial direct costs | 425 | 458 |
Unearned revenue | (371,811) | (427,871) |
Total | $ 666,658 | $ 682,495 |
Leases and Restricted Cash - 65
Leases and Restricted Cash - Operating Leases - Additional Information (Detail) - Property Subject to Operating Lease [Member] $ in Millions | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
Minimum scheduled future revenues, operating lease, 2016 | $ 349.5 |
Minimum scheduled future revenues, operating lease, 2017 | 351.9 |
Minimum scheduled future revenues, operating lease, 2018 | 397.2 |
Minimum scheduled future revenues, operating lease, 2019 | 428.2 |
Minimum scheduled future revenues, operating lease, 2020 | $ 419.1 |
Equity Method Investments - Bah
Equity Method Investments - Bahrain LNG Joint Venture - Additional Information (Detail) $ in Millions | Dec. 02, 2015USD ($)Vesselfloating_storage_unitft³ | Dec. 31, 2015floating_storage_unit |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Newbuildings [Member] | Liquefied Natural Gas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of vessels | Vessel | 9 | |
Bahrain LNG Joint Venture [Member] | LNG Receiving and Regasification Terminal [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Fully built-up cost | $ | $ 872 | |
Length of Charter Contract | 20 years | |
Bahrain LNG Joint Venture [Member] | LNG Receiving and Regasification Terminal [Member] | Lease Agreements [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Length of Charter Contract | 20 years | |
Bahrain LNG Joint Venture [Member] | Maximum [Member] | LNG Receiving and Regasification Terminal [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capacity of production facility, per day | ft³ | 800,000,000 | |
Bahrain LNG Joint Venture [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Modified Vessel [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Length of Charter Contract | 20 years | 20 years |
Number of floating storage units | floating_storage_unit | 1 | 1 |
Bahrain LNG Joint Venture [Member] | Nogaholding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership owns percentage in joint venture | 30.00% | |
Bahrain LNG Joint Venture [Member] | Teekay Lng [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership owns percentage in joint venture | 30.00% | |
Bahrain LNG Joint Venture [Member] | Samsung [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership owns percentage in joint venture | 20.00% | |
Bahrain LNG Joint Venture [Member] | Gic [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership owns percentage in joint venture | 20.00% |
Equity Method Investments - Yam
Equity Method Investments - Yamal LNG Joint Venture - Additional Information (Detail) $ in Thousands, t in Millions | Jul. 09, 2014USD ($)VehicleVesselmtm³ | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Schedule of Equity Method Investments [Line Items] | |||
Joint venture ownership percentage | 100.00% | ||
Maximum icebreaking capabilities in meters | m | 2.1 | ||
Advances to equity accounted joint venture partner | $ 883,731 | $ 891,478 | |
Yamal LNG Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture ownership percentage | 50.00% | ||
Number of trains | Vehicle | 3 | ||
Expected capacity of trains | t | 16.5 | ||
Advances to equity accounted joint venture partner | $ 96,900 | $ 95,300 | |
Yamal LNG Joint Venture [Member] | Newbuildings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of vessels | Vessel | 6 | ||
Volume of vessels | m³ | 172,000 | ||
Fully built-up cost | $ 2,100,000 | ||
Yamal LNG Joint Venture [Member] | China LNG [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture ownership percentage | 50.00% | ||
Yamal LNG Project [Member] | France-based Total S.A. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Yamal LNG Project [Member] | China-based China National Petroleum Corporation [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Yamal LNG Project [Member] | Russia- based Novatek OAO [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 60.00% |
Equity Method Investments - BG
Equity Method Investments - BG Joint Venture - Additional Information (Detail) | Jun. 27, 2014USD ($)Vesselm³ | Dec. 31, 2015USD ($)Vessel | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Value of service obligation | $ 20,065,000 | $ 32,660,000 | ||
Ownership Percentage | 100.00% | |||
Drawings from long-term debt facility | $ 391,574,000 | 944,123,000 | $ 719,300,000 | |
Shipbuilding supervision and crew training services [Member] | Newbuildings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Value of service obligation | 29,700,000 | 33,700,000 | ||
Shipbuilding supervision and crew training services [Member] | Newbuildings [Member] | Fair Value Asset (Liability) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Value of service obligation | $ 33,300,000 | |||
BG Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Fully built-up cost | 1,000,000,000 | |||
Difference between carrying amount and book value | $ 16,800,000 | |||
Drawings from long-term debt facility | 89,000,000 | 53,700,000 | ||
Debt facility used to finance a portion of estimated fully built-up cost | 787,000,000 | |||
Capital contributions received from the Partnership | $ 8,600,000 | 3,800,000 | ||
BG Joint Venture [Member] | Shipbuilding supervision and crew training services [Member] | Newbuildings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of vessels | Vessel | 4 | 4 | ||
Volume of vessels | m³ | 174,000 | |||
Fully built-up cost | $ 1,000,000,000 | |||
Operating lease arrangement period, lessor | 20 years | |||
Value of service obligation | 38,700,000 | |||
Amounts Due | $ 16,500,000 | 17,100,000 | ||
BG Joint Venture [Member] | Shipbuilding supervision and crew training services [Member] | Newbuildings [Member] | Principal Amount [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amounts Due | 20,300,000 | $ 20,300,000 | ||
BG Joint Venture [Member] | Shipbuilding supervision and crew training services [Member] | Newbuildings [Member] | Fair Value Asset (Liability) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amounts Due | $ 16,500,000 | |||
BG Joint Venture [Member] | Shipbuilding supervision and crew training services [Member] | 30% Ownership [Member] | Newbuildings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of vessels | Vessel | 2 | |||
Ownership Percentage | 30.00% | |||
BG Joint Venture [Member] | Shipbuilding supervision and crew training services [Member] | 20% Ownership [Member] | Newbuildings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of vessels | Vessel | 2 | |||
Ownership Percentage | 20.00% |
Equity Method Investments - Exm
Equity Method Investments - Exmar LPG Joint Venture - Additional Information (Detail) € in Millions | 1 Months Ended | |||||||
Jun. 30, 2015USD ($)Agreement | Mar. 31, 2013USD ($) | Feb. 28, 2013USD ($) | Dec. 31, 2015USD ($)Vessel | Dec. 31, 2015EUR (€)Vessel | Dec. 31, 2014USD ($) | Jul. 31, 2013USD ($) | Nov. 01, 2012 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership in joint venture | 100.00% | 100.00% | ||||||
Pro rata share of existing debt and lease obligations | $ 1,999,209,000 | $ 1,906,981,000 | ||||||
Reducing principal amount of interest rate swaps | $ 76,100,000 | € 70.1 | ||||||
Interest rate swap agreements [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Reducing principal amount of interest rate swaps | $ 70,400,000 | |||||||
Exmar LPG Joint Venture [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of vessels | Vessel | 20 | 20 | ||||||
Percentage of ownership in joint venture | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||
Investments in joint venture | $ 133,100,000 | |||||||
Difference between carrying amount and book value | (6,000,000) | |||||||
Carrying value of guarantee liability | $ 1,700,000 | $ 1,500,000 | ||||||
Exmar LPG Joint Venture [Member] | LIBOR [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest bearing percentage | 0.50% | 0.50% | ||||||
Exmar LPG Joint Venture [Member] | Maximum [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of interest rate swap agreements | Agreement | 3 | |||||||
Exmar LPG Joint Venture [Member] | Maturing In 2021 [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Long-term debt facility | $ 460,000,000 | |||||||
Exmar LPG Joint Venture [Member] | Maturing In 2021 [Member] | LIBOR [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest bearing percentage | 1.90% | |||||||
Exmar LPG Joint Venture [Member] | Interest rate swap agreements [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Principal amount | $ 375,700,000 | |||||||
Reducing principal amount of interest rate swaps | $ 161,200,000 | |||||||
Exmar LPG Joint Venture [Member] | Interest rate swap agreements [Member] | Minimum [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
LIBOR-based interest for the payment of a fixed rate of interest | 1.69% | |||||||
Exmar LPG Joint Venture [Member] | Interest rate swap agreements [Member] | Maximum [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
LIBOR-based interest for the payment of a fixed rate of interest | 1.84% | |||||||
Exmar LPG Joint Venture [Member] | In-Chartered [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of vessels | Vessel | 2 | 2 | ||||||
Exmar LPG Joint Venture [Member] | Pro rata share [Member] | Secured Debt [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Pro rata share of existing debt and lease obligations | $ 108,000,000 | |||||||
Exmar LPG Joint Venture [Member] | Exmar [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership in joint venture | 50.00% | 50.00% | ||||||
Exmar LPG Joint Venture [Member] | Teekay Corporation [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership in joint venture | 50.00% | |||||||
Acquisition fee paid | $ 2,700,000 | $ 2,700,000 | ||||||
Exmar LPG Joint Venture [Member] | Newbuildings [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of vessels | Vessel | 7 | 7 |
Equity Method Investments - Tee
Equity Method Investments - Teekay LNG-Marubeni Joint Venture - Additional Information (Detail) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2013USD ($) | Dec. 31, 2015USD ($)Vessel | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | |
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership in joint venture | 100.00% | 100.00% | |||
Reducing principal amount of interest rate swaps | $ 76,100 | € 70.1 | |||
Prepayments of long-term debt | $ 90,000 | $ 608,501 | $ 270,000 | ||
Interest rate swap agreements [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Derivative, term of contract | 8 years | ||||
Notional Amount | $ 160,000 | ||||
Reducing principal amount of interest rate swaps | $ 70,400 | ||||
Interest rate swap agreements [Member] | Derivative Instrument Interest Payment First Two Year [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
LIBOR-based interest for the payment of a fixed rate of interest | 2.20% | ||||
Interest rate swap agreements [Member] | Derivative Instrument Interest Payment Period Last Six Year [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
LIBOR-based interest for the payment of a fixed rate of interest | 2.36% | ||||
Teekay LNG-Marubeni Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership in joint venture | 52.00% | 52.00% | |||
Number of vessels | Vessel | 6 | ||||
Refinancing of its short-term loan facilities by entering into long-term debt facilities | $ 963,000 | ||||
Teekay LNG-Marubeni Joint Venture [Member] | Loan Facility [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | Vessel | 4 | ||||
Prepayments of long-term debt | $ 30,000 | ||||
Teekay LNG-Marubeni Joint Venture [Member] | Contract Termination [Member] | Magellan Spirit [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | Vessel | 1 | ||||
Number of consecutive days off-hire | 30 days | ||||
Teekay LNG-Marubeni Joint Venture [Member] | Collateral Pledged [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Restricted cash account | $ 7,500 | ||||
Teekay Lng [Member] | Teekay LNG-Marubeni Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value of guarantee liability | $ 700 | $ 200 | $ 400 |
Equity Method Investments - Exc
Equity Method Investments - Excalibur and Excelsior Joint Ventures - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2015USD ($)Vessel | Jul. 31, 2013 | Dec. 31, 2015USD ($) | Feb. 28, 2019USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Total principal | $ 2,015,472,000 | $ 1,924,124,000 | |||
Percentage of ownership in joint venture | 100.00% | ||||
Minimum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Interest bearing percentage | 0.30% | ||||
Maximum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Interest bearing percentage | 2.80% | ||||
Interest rate swap agreements [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Derivative, term of contract | 8 years | ||||
Scenario Forecast [Member] | Interest rate swap agreements [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Principal amount | $ 133,400,000 | ||||
Excalibur and Excelsior [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | Vessel | 2 | ||||
Carrying value of guarantee liability | $ 400,000 | $ 300,000 | |||
Excalibur and Excelsior [Member] | Minimum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership in joint venture | 49.00% | ||||
Excalibur and Excelsior [Member] | Maximum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership in joint venture | 50.00% | ||||
Excalibur and Excelsior [Member] | Maturing In 2019 [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total principal | $ 172,800,000 | ||||
Excalibur and Excelsior [Member] | Interest rate swap agreements [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Derivative, term of contract | 4 years | ||||
Principal amount | $ 172,800,000 | ||||
LIBOR-based interest for the payment of a fixed rate of interest | 1.46% | ||||
Excalibur and Excelsior [Member] | LIBOR [Member] | Maturing In 2019 [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Interest bearing percentage | 2.75% |
Equity Method Investments - Ang
Equity Method Investments - Angola Joint Venture - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015VesselOptionm³ | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership in joint venture | 100.00% |
Angola LNG Carriers [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership in joint venture | 33.00% |
Number of vessels | Vessel | 4 |
Volume of vessels | m³ | 160,400 |
Capital lease arrangement period, lessor | 20 years |
Number of extension options | Option | 2 |
Extension option periods | 5 years |
Equity Method Investments - Ras
Equity Method Investments - RasGas 3 Joint Venture - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Vessel | Jul. 09, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 100.00% | |
RasGas 3 [Member] | Liquefied Natural Gas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 40.00% | |
Number of vessels | Vessel | 4 | |
Maximum exposure to loss as a result of investment | $ 161.4 | |
Excelsior [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum exposure to loss as a result of investment | 49 | |
Guaranteed debt | $ 47.5 | |
Angola LNG Carriers [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 33.00% | |
Number of vessels | Vessel | 4 | |
Maximum exposure to loss as a result of investment | $ 58.2 | |
Guaranteed debt | 272 | |
Carrying value of guarantee liability | 1.2 | |
Yamal LNG Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 50.00% | |
Maximum exposure to loss as a result of investment | $ 99.9 |
Equity Method Investments - Fin
Equity Method Investments - Financial Information of Joint Ventures (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Vessels and equipment | $ 2,108,160 | $ 1,989,230 | |
Net investments in direct financing leases - non-current | 666,658 | 682,495 | |
Other assets - non-current | 20,811 | 27,536 | |
Other liabilities - non-current | 71,152 | 74,734 | |
Voyage revenues | 397,991 | 402,928 | $ 399,276 |
Income from vessel operations | 181,372 | 183,823 | 176,356 |
Net income | 217,510 | 218,927 | 213,315 |
Equity Method Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Cash and restricted cash | 281,943 | 287,207 | |
Other assets - current | 77,861 | 137,055 | |
Vessels and equipment | 2,343,397 | 2,243,381 | |
Net investments in direct financing leases - non-current | 1,813,991 | 1,850,279 | |
Other assets - non-current | 22,120 | 14,515 | |
Current portion of long-term debt and obligations under capital lease | 166,522 | 435,272 | |
Other liabilities - current | 97,405 | 125,787 | |
Long-term debt and obligations under capital lease | 2,583,721 | 2,321,562 | |
Other liabilities - non-current | 381,213 | 390,467 | |
Voyage revenues | 596,093 | 640,105 | 625,414 |
Income from vessel operations | 302,731 | 398,836 | 335,062 |
Realized and unrealized (loss) gain on derivative instruments | (25,108) | (52,938) | 16,334 |
Net income | $ 203,280 | $ 267,990 | $ 277,096 |
Advances to Equity Accounted 75
Advances to Equity Accounted Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investments in and Advances to Affiliates [Line Items] | ||
Advances to equity accounted joint venture partner | $ 883,731 | $ 891,478 |
Exmar LPG Joint Venture [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Advances to equity accounted joint venture partner | 57,800 | 81,700 |
Unpaid interest to partners | $ 400 | 600 |
Repayment term | No fixed repayment terms | |
Yamal LNG Joint Venture [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Advances to equity accounted joint venture partner | $ 96,900 | 95,300 |
Unpaid interest to partners | $ 4,800 | $ 1,000 |
LIBOR [Member] | Exmar LPG Joint Venture [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Interest bearing percentage | 0.50% | |
LIBOR [Member] | Yamal LNG Joint Venture [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Interest bearing percentage | 3.00% |
Intangible Assets and Goodwil76
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Weighted-average amortization period of intangible assets consisted of time-charter contracts | 17 years 1 month 6 days | 17 years 1 month 6 days | |
Amortization expense of intangible assets | $ 8,900,000 | $ 9,200,000 | $ 13,100,000 |
Amortization expense of intangible assets, 2016 | 8,900,000 | ||
Amortization expense of intangible assets, 2017 | 8,900,000 | ||
Amortization expense of intangible assets, 2018 | 8,900,000 | ||
Amortization expense of intangible assets, 2019 | 8,900,000 | ||
Amortization expense of intangible assets, 2020 | 8,900,000 | ||
Carrying amount of goodwill | 35,631,000 | 35,631,000 | |
Goodwill impairment | $ 0 | $ 0 |
Intangible Assets and Goodwil77
Intangible Assets and Goodwill - Carrying Amount of Intangible Assets for Partnership's Reportable Segments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 186,610 | $ 186,610 |
Accumulated amortization | (107,820) | (98,964) |
Net carrying amount | 78,790 | 87,646 |
Liquefied Gas Segment [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 179,813 | 179,813 |
Accumulated amortization | (101,023) | (92,167) |
Net carrying amount | 78,790 | 87,646 |
Conventional Tankers [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6,797 | 6,797 |
Accumulated amortization | $ (6,797) | $ (6,797) |
Accrued Liabilities - Accrued L
Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Interest including interest rate swaps | $ 17,484 | $ 17,035 |
Voyage and vessel expenses | 9,315 | 7,829 |
Payroll and benefits | 5,431 | 5,560 |
Other general expenses | 2,785 | 4,224 |
Income tax payable and other | 2,441 | 4,389 |
Total | $ 37,456 | $ 39,037 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) $ in Thousands, € in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||
Total principal | $ 2,015,472 | $ 1,924,124 | |
Unamortized discount and debt issuance costs | (16,263) | (17,143) | |
Total debt | 1,999,209 | 1,906,981 | |
Long-term debt | 1,802,012 | 1,749,893 | |
Less current portion | 197,197 | 157,088 | |
Total debt | 1,999,209 | 1,906,981 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 329,222 | 257,661 | |
U.S. Dollar-denominated Term Loan due through 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 50,415 | ||
U.S. Dollar-denominated Term Loan due through 2018 [Member] | Term Loan One [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 83,393 | 93,595 | |
U.S. Dollar-denominated Term Loan due through 2018 [Member] | Term Loan Two [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 108,333 | 116,667 | |
U.S. Dollar-denominated Term Loan due through 2018 [Member] | Term Loan Three [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 117,000 | 125,667 | |
U.S. Dollar-denominated Term Loan one due through 2021 [Member] | Teekay Tangguh Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 271,991 | 285,274 | |
U.S. Dollar-denominated Term Loan two due through 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 88,339 | 95,560 | |
U.S. Dollar-denominated Term Loan one due through 2026 [Member] | Teekay Nakilat Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 430,965 | 450,000 | |
Norwegian Kroner denominated bonds due May 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 79,158 | 93,934 | |
Norwegian Kroner denominated bonds due September 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 101,775 | 120,773 | |
Norwegian Kroner denominated bonds due May 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 113,083 | ||
Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 241,798 | € 222.7 | $ 284,993 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information - Revolvers (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($)CreditFacility | |
Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Number of credit facilities | CreditFacility | 1 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 0.30% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 2.80% |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Number of credit facilities | CreditFacility | 3 |
Borrowings provided under revolving credit facilities | $ 459,200,000 |
Undrawn amount of revolving credit facilities | $ 130,000,000 |
Months required to repay all borrowings | 12 months |
Debt instrument collateral, description | two revolving credit facilities are collateralized by first-priority mortgages granted on four of the Partnership’s vessels, together with other related security, and include a guarantee from the Partnership or its subsidiaries of all outstanding amounts |
Revolving Credit Facility [Member] | 2016 [Member] | |
Debt Instrument [Line Items] | |
Reduction in the total amount available under revolvers | $ 177,300,000 |
Revolving Credit Facility [Member] | 2017 [Member] | |
Debt Instrument [Line Items] | |
Reduction in the total amount available under revolvers | 28,200,000 |
Revolving Credit Facility [Member] | 2018 [Member] | |
Debt Instrument [Line Items] | |
Reduction in the total amount available under revolvers | $ 253,700,000 |
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 0.55% |
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 1.10% |
Long-Term Debt - Additional I81
Long-Term Debt - Additional Information - USD Term Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Total principal | $ 2,015,472 | $ 1,924,124 |
Teekay Tangguh Joint Venture [Member] | ||
Debt Instrument [Line Items] | ||
Partnership interest owned | 69.00% | |
U.S. Dollar-denominated Term Loan due through 2018 [Member] | Term Loan One [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 83,393 | 93,595 |
Reference rate for the variable rate of the debt instrument | LIBOR | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 2.75% | |
Bullet repayments of term loan per vessel | $ 50,700 | |
Debt instrument collateral, description | This loan facility is collateralized by first-priority mortgages on the five vessels to which the loan relates, together with certain other related security, and is guaranteed by the Partnership. | |
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly payments | |
U.S. Dollar-denominated Term Loan due through 2018 [Member] | Term Loan Two [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 108,333 | 116,667 |
Reference rate for the variable rate of the debt instrument | LIBOR | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 2.80% | |
Bullet repayments of term loan per vessel | $ 83,300 | |
Debt instrument collateral, description | This loan facility is collateralized by a first-priority mortgage on the one vessel to which the loan relates, together with certain other related security, and is guaranteed by the Partnership. | |
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly payments | |
U.S. Dollar-denominated Term Loan due through 2018 [Member] | Term Loan Three [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 117,000 | 125,667 |
Reference rate for the variable rate of the debt instrument | LIBOR | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 2.75% | |
Bullet repayments of term loan per vessel | $ 95,300 | |
Debt instrument collateral, description | This loan facility is collateralized by a first-priority mortgage on the one vessel to which the loan relates, together with certain other related security, and is guaranteed by the Partnership. | |
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly payments | |
U.S. Dollar-denominated Term Loan one due through 2021 [Member] | Teekay Tangguh Joint Venture [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 271,991 | 285,274 |
Debt instrument collateral, description | This loan facility is collateralized by first-priority mortgages on the two vessels to which the loan relates, together with certain other security and is guaranteed by the Partnership. | |
U.S. Dollar-denominated Term Loan one due through 2021 [Member] | Tranche One Term Loan Facility [Member] | Teekay Tangguh Joint Venture [Member] | ||
Debt Instrument [Line Items] | ||
Reference rate for the variable rate of the debt instrument | LIBOR | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 0.30% | |
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly payments | |
U.S. Dollar-denominated Term Loan one due through 2021 [Member] | Tranche Two Term Loan Facility [Member] | Teekay Tangguh Joint Venture [Member] | ||
Debt Instrument [Line Items] | ||
Reference rate for the variable rate of the debt instrument | LIBOR | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 0.63% | |
Bullet repayments of term loan per vessel | $ 95,000 | |
U.S. Dollar-denominated Term Loan two due through 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 88,339 | 95,560 |
Debt instrument collateral, description | This loan facility is collateralized by first-priority mortgages on the two vessels to which the loan relates, together with certain other related security, and is guaranteed by Teekay Corporation. | |
U.S. Dollar-denominated Term Loan two due through 2021 [Member] | Tranche One Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Reference rate for the variable rate of the debt instrument | LIBOR | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 0.30% | |
Frequency of paying U.S. Dollar-denominated Term Loans | Semi-annual payments | |
U.S. Dollar-denominated Term Loan two due through 2021 [Member] | Tranche Two Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Reference rate for the variable rate of the debt instrument | LIBOR | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 0.70% | |
Bullet repayments of term loan per vessel | $ 20,000 | |
Frequency of paying U.S. Dollar-denominated Term Loans | Every six months | |
U.S. Dollar-denominated Term Loan due through 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 50,415 | |
Reference rate for the variable rate of the debt instrument | LIBOR | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 1.00% | |
Bullet repayments of term loan per vessel | $ 50,400 | |
Debt instrument collateral, description | This loan facility is collateralized by first-priority mortgages on the three vessels to which the loan relates, together with certain other related security, and is guaranteed by the Partnership. | |
U.S. Dollar-denominated Term Loan one due through 2026 [Member] | Teekay Nakilat Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 430,965 | $ 450,000 |
Reference rate for the variable rate of the debt instrument | LIBOR | |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 1.85% | |
Bullet repayments of term loan per vessel | $ 155,300 | |
Debt instrument collateral, description | This loan facility is collateralized by first-priority mortgages on the three vessels to which the loan relates, together with certain other related security and certain guarantees from the Teekay Nakilat Joint Venture. | |
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly payments | |
Partnership interest owned | 70.00% |
Long-Term Debt - Additional I82
Long-Term Debt - Additional Information - NOK Bonds (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2015NOK | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Carrying amount of bonds | $ 2,015,472,000 | $ 1,924,124,000 | |
Norwegian Kroner denominated bonds due May 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured bonds issued | NOK | NOK 700,000,000 | ||
Carrying amount of bonds | $ 79,158,000 | 93,934,000 | |
Reference rate for the variable rate of the debt instrument | NIBOR | ||
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 5.25% | ||
Norwegian Kroner denominated bonds due May 2017 [Member] | Foreign Exchange Contract [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Interest Payment on Cross Currency Rate Swap | 6.88% | 6.88% | |
Transfer of principal amount | $ 125,000,000 | NOK 700,000,000 | |
Norwegian Kroner denominated bonds due September 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured bonds issued | NOK | NOK 900,000,000 | ||
Carrying amount of bonds | $ 101,775,000 | $ 120,773,000 | |
Reference rate for the variable rate of the debt instrument | NIBOR | ||
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 4.35% | ||
Norwegian Kroner denominated bonds due September 2018 [Member] | Foreign Exchange Contract [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Interest Payment on Cross Currency Rate Swap | 6.43% | 6.43% | |
Transfer of principal amount | $ 150,000,000 | NOK 900,000,000 | |
Norwegian Kroner denominated bonds due May 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured bonds issued | NOK | NOK 1,000,000,000 | ||
Carrying amount of bonds | $ 113,083,000 | ||
Reference rate for the variable rate of the debt instrument | NIBOR | ||
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 3.70% | ||
Norwegian Kroner denominated bonds due May 2020 [Member] | Foreign Exchange Contract [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Interest Payment on Cross Currency Rate Swap | 5.92% | 5.92% | |
Transfer of principal amount | $ 134,000,000 | NOK 1,000,000,000 |
Long-Term Debt - Euro-denominat
Long-Term Debt - Euro-denominated term loans- Additional Information (Detail) $ in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)CreditFacility | Dec. 31, 2015EUR (€)CreditFacility | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Total principal | $ | $ 2,015,472 | $ 1,924,124 | |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 0.30% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 2.80% | ||
Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 241,798 | € 222.7 | $ 284,993 |
Number of credit facilities | CreditFacility | 2 | 2 | |
Reference rate for the variable rate of the debt instrument | EURIBOR | ||
Debt instrument collateral, description | The term loans are collateralized by first-priority mortgages on two vessels to which the loans relate, together with certain other related security and are guaranteed by the Partnership and one of its subsidiaries. | ||
Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 0.60% | ||
Euro Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 2.25% |
Long-Term Debt - Additional I84
Long-Term Debt - Additional Information - Other (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Weighted-average interest rate for the Partnership's long-term debt outstanding | 2.33% | 2.19% | |
Foreign exchange (losses) gains | $ 13,943,000 | $ 28,401,000 | $ (15,832,000) |
Aggregate annual long-term debt principal repayments, 2016 | 198,300,000 | ||
Aggregate annual long-term debt principal repayments,2017 | 210,700,000 | ||
Aggregate annual long-term debt principal repayments,2018 | 796,500,000 | ||
Aggregate annual long-term debt principal repayments,2019 | 70,100,000 | ||
Aggregate annual long-term debt principal repayments,2020 | 186,300,000 | ||
Aggregate annual long-term debt principal repayments,thereafter | 553,600,000 | ||
Total principal | $ 2,015,472,000 | $ 1,924,124,000 | |
Amount of minimum liquidity of partnership term loans to be held by Teekay Corporation | Greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation's total consolidated debt which has recourse to Teekay Corporation. | ||
Loan requirements, description | (d) certain of the Partnership's subsidiaries maintains restricted cash deposits | ||
Minimum liquidity cash and cash equivalents | $ 50,000,000 | ||
Percentage of Teekay Corporation's consolidated debt to be maintained by Teekay Corporation as cash and cash equivalents | 5.00% | ||
Percentage of vessel value to outstanding loan Principal balance | 115.00% | ||
Vessel [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan Principal balance | 194.00% | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 0.30% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | 2.80% | ||
Loan Arrangement [Member] | Subsidiary of Common Parent [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 173,900,000 | ||
Loan Arrangement [Member] | U.S. Dollar-denominated Term Loan two due through 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 88,300,000 |
Income Tax - Components of Prov
Income Tax - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (2,646) | $ (5,212) | $ (1,482) |
Deferred | (76) | (2,355) | (3,674) |
Income tax expense | $ (2,722) | $ (7,567) | $ (5,156) |
Income Tax - Reconciliations of
Income Tax - Reconciliations of Tax Charge (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Net income before income tax expense | $ 220,232 | $ 226,494 | $ 218,471 |
Net income not subject to taxes | (173,298) | (81,604) | (131,529) |
Net income subject to taxes | 46,934 | 144,890 | 86,942 |
Amount computed using the standard rate of corporate tax | (12,007) | (33,083) | (16,476) |
Adjustments to valuation allowance and uncertain tax position | 5,362 | 14,851 | 12,830 |
Permanent and currency differences | 4,204 | 11,507 | 1,576 |
Change in tax rate | (281) | (842) | (3,086) |
Income tax expense | $ (2,722) | $ (7,567) | $ (5,156) |
Income Tax - Components of Part
Income Tax - Components of Partnership's Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Derivative instruments | $ 7,021 | $ 8,647 |
Taxation loss carryforwards and disallowed finance costs | 44,823 | 48,440 |
Vessels and equipment | 3,462 | 3,602 |
Capitalized interest | (2,184) | (2,261) |
Gross deferred tax assets | 53,122 | 58,428 |
Valuation allowance | (53,198) | $ (58,428) |
Net deferred tax liabilities included in accrued liabilities | $ (76) |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - Dec. 31, 2015 € in Millions, $ in Millions | USD ($) | EUR (€) |
United Kingdom [Member] | ||
Components Of Income Tax Expense Benefit [Line Items] | ||
Taxation loss carryforwards | $ 12.7 | |
Spain [Member] | ||
Components Of Income Tax Expense Benefit [Line Items] | ||
Taxation loss carryforwards | 119.8 | € 110.3 |
Disallowed costs carried forward | 37.2 | 34.2 |
Spain [Member] | Spanish Tax Authorities [Member] | ||
Components Of Income Tax Expense Benefit [Line Items] | ||
Taxation loss carryforwards | 31.5 | 29 |
Luxembourg [Member] | ||
Components Of Income Tax Expense Benefit [Line Items] | ||
Taxation loss carryforwards | $ 131.3 | € 120.9 |
Related Party Transactions - Ar
Related Party Transactions - Arctic Spirit and Polar Spirit - Additional Information (Detail) - Vessel | Jun. 27, 2014 | Dec. 31, 2015 |
BG Joint Venture [Member] | Shipbuilding supervision and crew training services [Member] | Newbuildings [Member] | ||
Related Party Transaction [Line Items] | ||
Number of vessels | 4 | 4 |
Subsidiary of Common Parent [Member] | Liquefied Natural Gas [Member] | Charters-out [Member] | ||
Related Party Transaction [Line Items] | ||
Number of vessels | 2 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Voyage revenues | $ 397,991 | $ 402,928 | $ 399,276 |
General and administrative expenses | (25,118) | (23,860) | (20,444) |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Voyage revenues | 35,887 | 37,596 | 34,573 |
Vessel operating expenses | (19,914) | (12,703) | (10,847) |
General and administrative expenses | $ (14,485) | $ (13,708) | $ (11,959) |
Related Party Transactions - 91
Related Party Transactions - Schedule of Related Party Transactions (Parenthetical) (Detail) - Teekay Corporation [Member] - Affiliated Entity [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Operating lease arrangement period, lessor | 10 years |
Maximum [Member] | |
Related Party Transaction [Line Items] | |
Additional time period for fixed-rate time-charters contract | 15 years |
Related Party Transactions - Sk
Related Party Transactions - Skaugen - Additional Information (Detail) $ in Thousands | Nov. 13, 2014USD ($)m³ | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Related Party Transaction [Line Items] | ||||
Acquisition cost of vessels and associated fixed-rate contracts | $ 191,969 | $ 194,255 | $ 470,213 | |
Sale price of interest sold in Norgas Napa | $ 216 | |||
Skaugen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Volume of vessels | m³ | 10,200 | |||
Acquisition cost of vessels and associated fixed-rate contracts | $ 27,000 | |||
Operating lease arrangement period, lessor | 5 years | |||
Teekay Corporation [Member] | Skaugen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage interest sold in Norgas Napa | 1.00% | |||
Sale price of interest sold in Norgas Napa | $ 216 |
Related Party Transactions - In
Related Party Transactions - Interest Rate Swap Agreements - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended |
Mar. 31, 2014USD ($)Agreement | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||
Novation of derivative liabilities | $ 2,985 | |
Teekay Corporation [Member] | Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Number of interest rate swap agreements | Agreement | 2 | |
Novation of derivative liabilities | $ 2,985 |
Related Party Transactions - Su
Related Party Transactions - Successful Acquisition of 50% Interest in Exmar - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | ||||
Mar. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2015 | Jun. 30, 2015 | Nov. 01, 2012 | |
Related Party Transaction [Line Items] | |||||
Equity method investment ownership percentage | 100.00% | ||||
Exmar LPG Joint Venture [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | |
Teekay Corporation [Member] | Exmar LPG Joint Venture [Member] | |||||
Related Party Transaction [Line Items] | |||||
One-time fee to Teekay Corporation for its support in Partnership's successful acquisition | $ 2.7 | $ 2.7 | |||
Equity method investment ownership percentage | 50.00% |
Related Party Transactions - Sh
Related Party Transactions - Shipbuilding and Site Supervision Services Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Vessel | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Related Party Transaction [Line Items] | |||
Aggregate shipbuilding and site supervision costs | $ 424,868 | $ 237,647 | |
Affiliated Entity [Member] | Liquefied Natural Gas [Member] | Newbuildings [Member] | |||
Related Party Transaction [Line Items] | |||
Shipbuilding and site supervision costs | $ 4,300 | 3,100 | $ 200 |
Number of vessels | Vessel | 11 | ||
Affiliated Entity [Member] | Liquefied Natural Gas [Member] | Newbuildings [Member] | Teekay Corporation Subsidiaries [Member] | |||
Related Party Transaction [Line Items] | |||
Aggregate shipbuilding and site supervision costs | $ 7,600 | $ 3,300 |
Related Party Transactions - No
Related Party Transactions - Non-interest Bearing Advances - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Advances to affiliates | $ 13,026 | $ 11,942 |
Advances from affiliates | 22,987 | 43,205 |
Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Advances to affiliates | 13,026 | 11,942 |
Advances from affiliates | $ 22,987 | $ 43,205 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) $ in Thousands, NOK in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015NOK | |
Derivative [Line Items] | ||||
Restricted cash - current and - long-term | $ 111,500 | $ 46,000 | ||
Unrealized gains (losses) on derivatives | 22,876 | 34,079 | $ (16,019) | |
Norwegian Kroner-denominated Bond due in 2017 [Member] | ||||
Derivative [Line Items] | ||||
Senior unsecured bonds issued | NOK | NOK 700 | |||
Norwegian Kroner-denominated Bond due in 2018 [Member] | ||||
Derivative [Line Items] | ||||
Senior unsecured bonds issued | NOK | 900 | |||
Norwegian Kroner denominated bonds due May 2020 [Member] | ||||
Derivative [Line Items] | ||||
Senior unsecured bonds issued | NOK | NOK 1,000 | |||
Toledo Spirit time-charter derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative fair value, net | 6,296 | 2,137 | ||
Interest Rate Swaps And Cross Currency Swaps Agreement [Member] | ||||
Derivative [Line Items] | ||||
Fair Value /Carrying Amount of Liability | 209,200 | |||
Restricted cash - current and - long-term | 44,800 | |||
Cross Currency Swap Agreements [Member] | ||||
Derivative [Line Items] | ||||
Unrealized gains (losses) on derivatives | (57,800) | (51,800) | (15,400) | |
Realized losses on derivatives | $ (7,600) | $ (2,200) | $ (300) |
Derivative Instruments - Summar
Derivative Instruments - Summary of Cross Currency Swap Agreements (Detail) - Cross Currency Swap Agreements [Member] | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2015NOK | |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of (Liability) | $ (128,782,000) | |
Norwegian Kroner-denominated Bond due in 2017 [Member] | NIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 125,000,000 | NOK 700,000,000 |
Floating Rate Receivable, Margin | 5.25% | 5.25% |
Fixed Interest Payment on Cross Currency Rate Swap | 6.88% | 6.88% |
Fair Value / Carrying Amount of (Liability) | $ (49,703,000) | |
Weighted-Average Remaining Term (Years) | 1 year 3 months 18 days | |
Norwegian Kroner-denominated Bond due in 2018 [Member] | NIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 150,000,000 | NOK 900,000,000 |
Floating Rate Receivable, Margin | 4.35% | 4.35% |
Fixed Interest Payment on Cross Currency Rate Swap | 6.43% | 6.43% |
Fair Value / Carrying Amount of (Liability) | $ (54,027,000) | |
Weighted-Average Remaining Term (Years) | 2 years 8 months 12 days | |
Norwegian Kroner denominated bonds due May 2020 [Member] | NIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 134,000,000 | NOK 1,000,000,000 |
Floating Rate Receivable, Margin | 3.70% | 3.70% |
Fixed Interest Payment on Cross Currency Rate Swap | 5.92% | 5.92% |
Fair Value / Carrying Amount of (Liability) | $ (25,052,000) | |
Weighted-Average Remaining Term (Years) | 4 years 4 months 24 days |
Derivative Instruments - Intere
Derivative Instruments - Interest Rate Swap Agreements (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
United States Dollar-denominated interest rate swaps 1 [Member] | LIBOR [Member] | |
Derivative [Line Items] | |
Principal amount | $ 90,000,000 |
Fair Value /Carrying Amount of Assets (Liability) | $ (8,965,000) |
Weighted-Average Remaining Term (Years) | 2 years 8 months 12 days |
Fixed Interest Rate | 4.90% |
United States Dollar-denominated interest rate swaps 2 [Member] | LIBOR [Member] | |
Derivative [Line Items] | |
Principal amount | $ 100,000,000 |
Fair Value /Carrying Amount of Assets (Liability) | $ (5,817,000) |
Weighted-Average Remaining Term (Years) | 1 year |
Fixed Interest Rate | 5.30% |
United States Dollar-denominated interest rate swaps 3 [Member] | LIBOR [Member] | |
Derivative [Line Items] | |
Principal amount | $ 168,750,000 |
Fair Value /Carrying Amount of Assets (Liability) | $ (34,567,000) |
Weighted-Average Remaining Term (Years) | 13 years |
Fixed Interest Rate | 5.20% |
United States Dollar-denominated interest rate swaps 4 [Member] | LIBOR [Member] | |
Derivative [Line Items] | |
Principal amount | $ 64,268,000 |
Fair Value /Carrying Amount of Assets (Liability) | $ (2,661,000) |
Weighted-Average Remaining Term (Years) | 5 years 7 months 6 days |
Fixed Interest Rate | 2.80% |
United States Dollar-denominated interest rate swaps 5 [Member] | LIBOR [Member] | |
Derivative [Line Items] | |
Principal amount | $ 320,000,000 |
Fair Value /Carrying Amount of Assets (Liability) | $ (15,112,000) |
Weighted-Average Remaining Term (Years) | 3 months 18 days |
Fixed Interest Rate | 2.90% |
United States Dollar-denominated interest rate swaps 6 [Member] | LIBOR [Member] | |
Derivative [Line Items] | |
Principal amount | $ 117,000,000 |
Fair Value /Carrying Amount of Assets (Liability) | $ (1,341,000) |
Weighted-Average Remaining Term (Years) | 3 years |
Fixed Interest Rate | 1.70% |
Euro-denominated interest rate swaps [Member] | EURIBOR [Member] | |
Derivative [Line Items] | |
Principal amount | $ 241,798,000 |
Fair Value /Carrying Amount of Assets (Liability) | $ (35,674,000) |
Weighted-Average Remaining Term (Years) | 5 years |
Fixed Interest Rate | 3.10% |
Interest rate swap agreements [Member] | |
Derivative [Line Items] | |
Fair Value /Carrying Amount of Assets (Liability) | $ (104,137,000) |
Derivative Instruments - Int100
Derivative Instruments - Interest Rate Swap Agreements (Parenthetical) (Detail) - 12 months ended Dec. 31, 2015 € in Millions, $ in Millions | USD ($) | EUR (€) |
Derivative [Line Items] | ||
Reducing principal amount of interest rate swaps | $ 76.1 | € 70.1 |
Minimum [Member] | ||
Derivative [Line Items] | ||
Variable interest rate on Debt | 0.30% | |
Maximum [Member] | ||
Derivative [Line Items] | ||
Variable interest rate on Debt | 2.80% |
Derivative Instruments - Terms
Derivative Instruments - Terms of Interest Rate Swaps Underlying Swaption (Detail) - Interest rate swaption agreements [Member] - LIBOR [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Call Option [Member] | April 28, 2017 [Member] | |
Derivative [Line Items] | |
Principal amount | $ 155,000,000 |
Option Exercise Date | Apr. 28, 2017 |
Fair Value / Carrying Amount of Assets (Liability) | $ 686,000 |
Remaining Term (Years) | 7 years 6 months |
Fixed Interest Rate | 3.34% |
Call Option [Member] | January 31, 2018 [Member] | |
Derivative [Line Items] | |
Principal amount | $ 160,000,000 |
Option Exercise Date | Jan. 31, 2018 |
Fair Value / Carrying Amount of Assets (Liability) | $ 1,956,000 |
Remaining Term (Years) | 8 years |
Fixed Interest Rate | 3.10% |
Call Option [Member] | July 16, 2018 [Member] | |
Derivative [Line Items] | |
Principal amount | $ 160,000,000 |
Option Exercise Date | Jul. 16, 2018 |
Fair Value / Carrying Amount of Assets (Liability) | $ 2,981,000 |
Remaining Term (Years) | 8 years |
Fixed Interest Rate | 2.94% |
Put Option [Member] | April 28, 2017 [Member] | |
Derivative [Line Items] | |
Principal amount | $ 155,000,000 |
Option Exercise Date | Apr. 28, 2017 |
Fair Value / Carrying Amount of Assets (Liability) | $ (2,626,000) |
Remaining Term (Years) | 7 years 6 months |
Fixed Interest Rate | 2.15% |
Put Option [Member] | January 31, 2018 [Member] | |
Derivative [Line Items] | |
Principal amount | $ 160,000,000 |
Option Exercise Date | Jan. 31, 2018 |
Fair Value / Carrying Amount of Assets (Liability) | $ (2,041,000) |
Remaining Term (Years) | 8 years |
Fixed Interest Rate | 1.97% |
Put Option [Member] | July 16, 2018 [Member] | |
Derivative [Line Items] | |
Principal amount | $ 160,000,000 |
Option Exercise Date | Jul. 16, 2018 |
Fair Value / Carrying Amount of Assets (Liability) | $ (1,739,000) |
Remaining Term (Years) | 8 years |
Fixed Interest Rate | 1.83% |
Derivative Instruments - Ter102
Derivative Instruments - Terms of Interest Rate Swaps Underlying Swaption (Parenthetical) (Detail) - USD ($) | Jul. 31, 2026 | Jan. 31, 2026 | Oct. 31, 2024 | Jul. 31, 2018 | Jan. 31, 2018 | Apr. 30, 2017 |
Interest rate swaption agreements [Member] | Scenario Forecast [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 82,500,000 | $ 82,500,000 | $ 85,400,000 | $ 160,000,000 | $ 160,000,000 | $ 155,000,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 5,623 | $ 441 |
Accrued liabilities/ Advances from affiliates | (11,200) | (8,667) |
Current portion of derivative liabilities | (52,083) | (57,678) |
Derivative liabilities | (182,338) | (126,177) |
Interest rate swap agreements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 441 |
Accrued liabilities/ Advances from affiliates | (6,833) | (7,486) |
Current portion of derivative liabilities | (41,028) | (52,356) |
Derivative liabilities | (56,276) | (60,157) |
Interest rate swaption agreements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5,623 | |
Accrued liabilities/ Advances from affiliates | 0 | |
Current portion of derivative liabilities | 0 | |
Derivative liabilities | (6,406) | |
Cross-currency swap agreements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | |
Accrued liabilities/ Advances from affiliates | (1,181) | (544) |
Current portion of derivative liabilities | (9,755) | (4,922) |
Derivative liabilities | (117,846) | (64,920) |
Toledo Spirit time-charter derivative [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | |
Accrued liabilities/ Advances from affiliates | (3,186) | (637) |
Current portion of derivative liabilities | (1,300) | (400) |
Derivative liabilities | $ (1,810) | $ (1,100) |
Derivative Instruments - Gain (
Derivative Instruments - Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) on derivative instruments | $ (32,397) | $ (42,586) | $ (36,568) |
Unrealized gains (losses) on derivative instruments | 12,375 | (2,096) | 22,568 |
Gain (loss) on derivative instruments, net | (20,022) | (44,682) | (14,000) |
Interest rate swap agreements [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) on derivative instruments | (28,968) | (39,406) | (38,089) |
Unrealized gains (losses) on derivative instruments | 14,768 | 4,204 | 18,868 |
Gain (loss) on derivative instruments, net | (14,200) | (35,202) | (19,221) |
Interest rate swaption agreements [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) on derivative instruments | 0 | ||
Unrealized gains (losses) on derivative instruments | (783) | ||
Gain (loss) on derivative instruments, net | (783) | ||
Interest rate swap agreements termination [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) on derivative instruments | 0 | (2,319) | |
Unrealized gains (losses) on derivative instruments | 0 | ||
Gain (loss) on derivative instruments, net | 0 | (2,319) | |
Toledo Spirit time-charter derivative [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) on derivative instruments | (3,429) | (861) | 1,521 |
Unrealized gains (losses) on derivative instruments | (1,610) | (6,300) | 3,700 |
Gain (loss) on derivative instruments, net | $ (5,039) | $ (7,161) | $ 5,221 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information - Daewoo Shipbuilding (Detail) $ in Thousands | Dec. 02, 2015floating_storage_unit | Feb. 29, 2016Vessel | Dec. 31, 2015USD ($)Vesselfloating_storage_unitm³ | Dec. 31, 2014USD ($) |
Long-term Purchase Commitment [Line Items] | ||||
Payments made to commitments | $ 424,868 | $ 237,647 | ||
Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Modified Vessel [Member] | Bahrain LNG Joint Venture [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Operating lease arrangement period, lessor | 20 years | 20 years | ||
Number of floating storage units | floating_storage_unit | 1 | 1 | ||
Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Liquefied Natural Gas [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of vessels | Vessel | 9 | |||
Volume of vessels | m³ | 173,400 | |||
Cost of construction | $ 1,800,000 | |||
Payments made to commitments | 384,700 | |||
Remaining payments required to be made under newbuilding contracts in 2016 | 338,100 | |||
Remaining payments required to be made under newbuilding contracts in 2017 | 607,100 | |||
Remaining payments required to be made under newbuilding contracts in 2018 | $ 515,400 | |||
Shell [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Liquefied Natural Gas [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of vessels | Vessel | 5 | |||
Subsidiary of Cheniere Energy [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Liquefied Natural Gas [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of vessels | Vessel | 2 | |||
Operating lease arrangement period, lessor | 5 years | |||
Minimum [Member] | Shell [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Liquefied Natural Gas [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Operating lease arrangement period, lessor | 6 years | |||
Maximum [Member] | Shell [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Liquefied Natural Gas [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Operating lease arrangement period, lessor | 8 years | |||
Unfixed Vessel [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Liquefied Natural Gas [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of vessels | Vessel | 2 | |||
Delivered [Member] | Subsidiary of Cheniere Energy [Member] | Subsequent Events [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | Liquefied Natural Gas [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of vessels | Vessel | 1 |
Commitments and Contingencie106
Commitments and Contingencies - Hyundai Samho Heavy Industries - Additional Information (Detail) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2015USD ($)Vesselm³ | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Long-term Purchase Commitment [Line Items] | |||
Payments made to commitments | $ 424,868 | $ 237,647 | |
Hyundai Samho Heavy Industries Co., Ltd. [Member] | Liquefied Natural Gas [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Number of vessels | Vessel | 2 | ||
Volume of vessels | m³ | 174,000 | ||
Fully built-up cost | $ 419,800 | ||
Payments made to commitments | 40,200 | ||
Remaining payments required to be made under newbuilding contracts in 2016 | 2,600 | ||
Remaining payments required to be made under newbuilding contracts in 2017 | 82,400 | ||
Remaining payments required to be made under newbuilding contracts in 2018 | 44,900 | ||
Remaining payments required to be made under newbuilding contracts in 2019 | $ 249,700 | ||
BP [Member] | Hyundai Samho Heavy Industries Co., Ltd. [Member] | Liquefied Natural Gas [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Number of vessels | Vessel | 1 | ||
Operating lease arrangement period, lessor | 13 years |
Commitments and Contingencie107
Commitments and Contingencies - RasGas II Leases (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
RasGas II LNG Carriers [Member] | |
Long-term Purchase Commitment [Line Items] | |
Percentage of ownership interest | 70.00% |
HMRC [Member] | RasGas II LNG Carriers [Member] | |
Long-term Purchase Commitment [Line Items] | |
Present value of the lease rental increase claim | $ 60 |
Teekay Nakilat Corporation [Member] | |
Long-term Purchase Commitment [Line Items] | |
Description of capital lease, lessee | Teekay Nakilat Joint Venture was the lessee under three separate 30-year capital lease arrangements with a third party for three LNG carriers (or the RasGas II LNG Carriers). |
Description of capital leases, indemnification agreements | Under the terms of the leasing arrangements for the RasGas II LNG Carriers, the lessor claimed tax depreciation on the capital expenditures it incurred to acquire these vessels. As is typical in these leasing arrangements, tax and change of law risks were assumed by the lessee, in this case the Teekay Nakilat Joint Venture. Lease payments under the lease arrangements were based on certain tax and financial assumptions at the commencement of the leases and subsequently adjusted to maintain the lessor’s agreed after-tax margin. |
Security deposit against future claims | $ 6.8 |
Commitments and Contingencie108
Commitments and Contingencies - BG Joint Venture - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Shipbuilding and crew training obligation incurred | $ 4,200,000 |
Shipbuilding and crew training obligation incurred, 2016 | 6,000,000 |
Shipbuilding and crew training obligation incurred, 2017 | 3,800,000 |
Shipbuilding and crew training obligation incurred, 2018 | 4,100,000 |
Shipbuilding and crew training obligation incurred, 2019 | 400,000 |
BG Joint Venture [Member] | |
Long-term Purchase Commitment [Line Items] | |
Debt facility used to finance a portion of estimated fully built-up cost | 787,000,000 |
Fully built up cost | 1,000,000,000 |
BG Joint Venture [Member] | Pro rata share [Member] | |
Long-term Purchase Commitment [Line Items] | |
Proportionate share of the newbuilding installments, net of the existing financing in 2016 | 7,900,000 |
Proportionate share of the newbuilding installments, net of the existing financing in 2017 | 15,000,000 |
Proportionate share of the newbuilding installments, net of the existing financing in 2018 | 17,300,000 |
Proportionate share of the newbuilding installments, net of the existing financing in 2019 | $ 6,300,000 |
Commitments and Contingencie109
Commitments and Contingencies - Yamal LNG Joint Venture (Detail) $ in Thousands | Jul. 09, 2014USD ($)Vesselm³ | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Long-term Purchase Commitment [Line Items] | |||
Joint venture ownership percentage | 100.00% | ||
Payments made to commitments | $ 424,868 | $ 237,647 | |
Yamal LNG Joint Venture [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Joint venture ownership percentage | 50.00% | ||
Yamal LNG Joint Venture [Member] | Pro rata share [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Proportionate share of the newbuilding installments, net of the existing financing, in 2016 | 74,400 | ||
Proportionate share of the newbuilding installments, net of the existing financing in 2017 | 97,600 | ||
Proportionate share of the newbuilding installments, net of the existing financing in 2018 | 356,600 | ||
Proportionate share of the newbuilding installments, net of the existing financing in 2019 | 214,400 | ||
Proportionate share of the newbuilding installments, net of the existing financing in 2020 | $ 198,300 | ||
Yamal LNG Joint Venture [Member] | Minimum [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Secured debt financing percentage | 70.00% | ||
Yamal LNG Joint Venture [Member] | Maximum [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Secured debt financing percentage | 80.00% | ||
Yamal LNG Joint Venture [Member] | Newbuildings [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Number of vessels | Vessel | 6 | ||
Volume of vessels | m³ | 172,000 | ||
Fully built-up cost | $ 2,100,000 | ||
Payments made to commitments | $ 100,500 |
Commitments and Contingencie110
Commitments and Contingencies - Bahrain LNG Joint Venture (Detail) $ in Millions | Dec. 02, 2015USD ($)floating_storage_unitft³ | Dec. 31, 2015USD ($)floating_storage_unit |
Long-term Purchase Commitment [Line Items] | ||
Joint venture ownership percentage | 100.00% | |
Bahrain LNG Joint Venture [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Joint venture ownership percentage | 30.00% | |
Bahrain LNG Joint Venture [Member] | LNG Receiving and Regasification Terminal [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Fully built-up cost | $ 872 | |
Length of Charter Contract | 20 years | |
Bahrain LNG Joint Venture [Member] | LNG Receiving and Regasification Terminal [Member] | Scenario, Plan [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Percentage of fully built-up cost, debt financing intended | 75.00% | |
Bahrain LNG Joint Venture [Member] | LNG Receiving and Regasification Terminal [Member] | Maximum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Capacity of production facility, per day | ft³ | 800,000,000 | |
Bahrain LNG Joint Venture [Member] | Modified Vessel [Member] | Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of floating storage units | floating_storage_unit | 1 | 1 |
Length of Charter Contract | 20 years | 20 years |
Bahrain LNG Joint Venture [Member] | Pro rata share [Member] | LNG Receiving and Regasification Terminal [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Proportionate share of the newbuilding installments, net of the existing financing in 2016 | $ 115.2 | |
Proportionate share of the newbuilding installments, net of the existing financing in 2017 | 84 | |
Proportionate share of the newbuilding installments, net of the existing financing in 2018 | $ 62.4 |
Commitments and Contingencie111
Commitments and Contingencies - Exmar LPG Joint Venture (Detail) $ in Millions | Dec. 31, 2015USD ($)Vessel | Jun. 30, 2015 | Feb. 28, 2013 | Nov. 01, 2012 |
Long-term Purchase Commitment [Line Items] | ||||
Joint venture ownership percentage | 100.00% | |||
Exmar LPG Joint Venture [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Joint venture ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% |
Number of vessels | Vessel | 20 | |||
Exmar LPG Joint Venture [Member] | Pro rata share [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Proportionate share of the newbuilding installments, net of the existing financing in 2016 | $ | $ 4.9 | |||
Proportionate share of the newbuilding installments, net of the existing financing in 2017 | $ | 62.7 | |||
Proportionate share of the newbuilding installments, net of the existing financing in 2018 | $ | $ 19.3 | |||
Exmar LPG Joint Venture [Member] | Newbuildings [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of vessels | Vessel | 7 | |||
Exmar LPG Joint Venture [Member] | Newbuildings [Member] | Financed [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of vessels | Vessel | 3 |
Supplemental Cash Flow Infor112
Supplemental Cash Flow Information - Changes in Operating Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable | $ (5,140) | $ 9,957 | $ (6,436) |
Prepaid expenses | (494) | 1,781 | 80 |
Accounts payable | 2,127 | (1,098) | (437) |
Accrued liabilities | (1,581) | (6,759) | 7,662 |
Unearned revenue and long-term unearned revenue | (562) | (536) | (6,956) |
Restricted cash | (2,785) | 4,258 | |
Advances to and from affiliates | (23,714) | 17,953 | 14,417 |
Other operating assets and liabilities | (2,038) | (2,476) | (2,510) |
Total | $ (34,187) | $ 18,822 | $ 10,078 |
Supplemental Cash Flow Infor113
Supplemental Cash Flow Information - Additional Information (Detail) $ in Thousands | Nov. 13, 2014USD ($) | Jun. 27, 2014USD ($)Vessel | Nov. 13, 2014USD ($) | Dec. 31, 2015USD ($)Vessel | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Vessel | Feb. 01, 2014USD ($) |
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Cash interest paid on long-term debt, advances from affiliates and capital lease obligations | $ 94,500 | $ 128,700 | $ 133,700 | ||||
Income taxes paid | 7,800 | 2,300 | 5,600 | ||||
Acquisition cost of vessels and associated fixed-rate contracts | 191,969 | 194,255 | 470,213 | ||||
Value of service obligation | $ 20,065 | 32,660 | |||||
Teekay Tangguh Joint Venture [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Number of vessels | Vessel | 2 | ||||||
Advances to joint venture partner | $ 14,400 | ||||||
Skaugen [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Acquisition cost of vessels and associated fixed-rate contracts | $ 27,000 | ||||||
Cash payment on acquisition | $ 21,600 | ||||||
Interest-bearing loan amount | $ 5,400 | ||||||
Algeciras Spirit and Huelva Spirit [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Sale of vessel | 56,200 | ||||||
Algeciras Spirit and Huelva Spirit [Member] | Capital Lease Obligations [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Extinguishment of debt | 56,200 | ||||||
Tenerife Spirit [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Sale of vessel | 29,700 | ||||||
Tenerife Spirit [Member] | Capital Lease Obligations [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Extinguishment of debt | $ 29,700 | ||||||
Shipbuilding supervision and crew training services [Member] | Newbuildings [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Value of service obligation | $ 29,700 | 33,700 | |||||
Shipbuilding supervision and crew training services [Member] | Newbuildings [Member] | BG Joint Venture [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Number of vessels | Vessel | 4 | 4 | |||||
Amounts Due | $ 16,500 | 17,100 | |||||
Value of service obligation | $ 38,700 | ||||||
Shipbuilding supervision and crew training services [Member] | Principal Amount [Member] | Newbuildings [Member] | BG Joint Venture [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Amounts Due | 20,300 | $ 20,300 | |||||
Shipbuilding supervision and crew training services [Member] | Fair Value Asset (Liability) [Member] | Newbuildings [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Value of service obligation | 33,300 | ||||||
Shipbuilding supervision and crew training services [Member] | Fair Value Asset (Liability) [Member] | Newbuildings [Member] | BG Joint Venture [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Amounts Due | $ 16,500 | ||||||
Awilco LNG Carriers [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Number of vessels | Vessel | 2 | ||||||
Upfront fee | $ 1,000 | ||||||
Awilco LNG Carriers [Member] | Vessel One [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Acquisition cost of vessels and associated fixed-rate contracts | 205,000 | ||||||
Upfront prepayment of charter for hire | 51,000 | ||||||
Awilco LNG Carriers [Member] | Vessel Two [Member] | |||||||
Schedule Of Supplemental Cash Flow [Line Items] | |||||||
Acquisition cost of vessels and associated fixed-rate contracts | 205,000 | ||||||
Upfront prepayment of charter for hire | $ 51,000 |
Total Capital and Net Income114
Total Capital and Net Income Per Unit - Issuances of Common Units (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2015 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital Unit [Line Items] | |||||||
Net proceeds from equity offerings | $ 35,374 | $ 182,139 | $ 190,520 | ||||
Continuous Offering Program 2014 [Member] | |||||||
Capital Unit [Line Items] | |||||||
Units Issued, Sold in public and continuing offering program | 160,000 | ||||||
Net proceeds from equity offerings | $ 6,800 | ||||||
Funding of LNG Carrier Newbuilding [Member] | July 2013 Offering [Member] | |||||||
Capital Unit [Line Items] | |||||||
Units Issued, Private placement | 931,098 | ||||||
Gross Proceeds, Private placement | $ 40,816 | ||||||
Net proceeds from equity offerings | $ 40,776 | ||||||
Offering Price | $ 42.96 | ||||||
Teekay Corporation's Ownership After the Offering | 36.92% | ||||||
Prepayment of Revolving Credit Facilities, Funding of LNG Carrier Acquisition and for General Partnership Purposes [Member] | October 2013 Offering [Member] | |||||||
Capital Unit [Line Items] | |||||||
Units Issued, Sold in public and continuing offering program | 3,450,000 | ||||||
Gross Proceeds, Sold in public and continuing offering program | $ 150,040 | ||||||
Net proceeds from equity offerings | $ 144,818 | ||||||
Offering Price | $ 42.62 | ||||||
Teekay Corporation's Ownership After the Offering | 35.30% | ||||||
Prepayment of Revolving Credit Facilities, Funding of the Yamal Lng Project and Portion of the MEGI Newbuildings [Member] | July 2014 Offering [Member] | |||||||
Capital Unit [Line Items] | |||||||
Units Issued, Sold in public and continuing offering program | 3,090,000 | ||||||
Gross Proceeds, Sold in public and continuing offering program | $ 140,784 | ||||||
Net proceeds from equity offerings | $ 140,484 | ||||||
Offering Price | $ 44.65 | ||||||
Teekay Corporation's Ownership After the Offering | 33.96% | ||||||
General Partnership Purposes Including Funding Newbuilding Installments [Member] | Continuous Offering Program 2014 [Member] | |||||||
Capital Unit [Line Items] | |||||||
Units Issued, Sold in public and continuing offering program | 1,050,463 | ||||||
Gross Proceeds, Sold in public and continuing offering program | $ 42,556 | ||||||
Net proceeds from equity offerings | $ 41,655 | ||||||
General Partnership Purposes Including Funding Newbuilding Installments [Member] | Continuous Offering Program 2015 [Member] | |||||||
Capital Unit [Line Items] | |||||||
Units Issued, Sold in public and continuing offering program | 1,173,428 | ||||||
Gross Proceeds, Sold in public and continuing offering program | $ 36,274 | ||||||
Net proceeds from equity offerings | $ 35,374 | ||||||
General Partnership Purposes [Member] | Continuous Offering Program 2013 [Member] | |||||||
Capital Unit [Line Items] | |||||||
Units Issued, Sold in public and continuing offering program | 124,071 | ||||||
Gross Proceeds, Sold in public and continuing offering program | $ 5,383 | ||||||
Net proceeds from equity offerings | $ 4,926 |
Total Capital and Net Income115
Total Capital and Net Income Per Unit - Issuances of Common Units (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 31, 2013 | |
Capital Unit [Line Items] | |||||
Net proceeds from equity offerings | $ 35,374 | $ 182,139 | $ 190,520 | ||
General Partner's proportionate contribution | 2.00% | 2.00% | 2.00% | ||
Issuance of new common units, maximum aggregate amount | $ 100,000 | ||||
General Partner [Member] | |||||
Capital Unit [Line Items] | |||||
General Partner's proportionate contribution | 2.00% | 2.00% | 2.00% | ||
Continuous Offering Program 2014 [Member] | |||||
Capital Unit [Line Items] | |||||
Number of Common Stock Units Issued, Sold in public and continuing offering program | 160,000 | ||||
Net proceeds from equity offerings | $ 6,800 | ||||
General Partner's proportionate contribution | 2.00% |
Total Capital and Net Income116
Total Capital and Net Income Per Unit - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | |
Capital Unit [Line Items] | ||
Days after year-end where limited partner's have right to receive cash distribution | 45 days | |
Minimum percentage of holding by unitholders to remove general partner | 66.67% | |
Minimum [Member] | Common Stock [Member] | ||
Capital Unit [Line Items] | ||
Cash distribution per unit | $ 0.4625 | |
Maximum [Member] | Common Stock [Member] | ||
Capital Unit [Line Items] | ||
Cash distribution per unit | $ 0.4625 |
Total Capital and Net Income117
Total Capital and Net Income Per Unit - Incentive Distributions (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Limited Partners [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Minimum quarterly distribution of $0.4125 | 98.00% |
Up to $0.4625 | 98.00% |
Above $0.4625 up to $0.5375 | 85.00% |
Above $0.5375 up to $0.6500 | 75.00% |
$0.6500 | 50.00% |
General Partner [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Minimum quarterly distribution of $0.4125 | 2.00% |
Up to $0.4625 | 2.00% |
Above $0.4625 up to $0.5375 | 15.00% |
Above $0.5375 up to $0.6500 | 25.00% |
$0.6500 | 50.00% |
Total Capital and Net Income118
Total Capital and Net Income Per Unit - Incentive Distributions (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Level One [Member] | Minimum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Exceeded cash distribution per unit | $ 0.4125 |
Level Two [Member] | Maximum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Exceeded cash distribution per unit | 0.4625 |
Level Three [Member] | Minimum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Exceeded cash distribution per unit | 0.4625 |
Level Three [Member] | Maximum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Exceeded cash distribution per unit | 0.5375 |
Level Four [Member] | Minimum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Exceeded cash distribution per unit | 0.5375 |
Level Four [Member] | Maximum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Exceeded cash distribution per unit | 0.6500 |
Level Five [Member] | Minimum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Exceeded cash distribution per unit | $ 0.6500 |
Unit-Based Compensation - Addit
Unit-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate value of units issued | $ 1.1 | $ 1.3 | $ 1.5 | |||
Restricted unit-based compensation granted to Partnership's employee | 32,054 | 31,961 | 36,878 | |||
Restricted units expense | $ 1.2 | $ 1 | $ 1 | |||
Restricted units, vesting period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Description | Each restricted unit is equal in value to one of the Partnership's common units plus reinvested distributions from the grant date to the vesting date. | |||||
Non-management directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common units granted | 10,447 | 9,521 | 7,362 | |||
Aggregate value of units issued | $ 0.4 |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 4,001,000 | $ 1,989,000 | $ 1,786,000 |
Compania Espanole De Petroles [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 2,000,000 | $ 1,800,000 |
Restructuring charge outstanding | 700,000 | $ 1,600,000 | |
Restructuring Related to Alexander Spirit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4,000,000 | ||
Restructuring charge outstanding | $ 1,100,000 |
Subsequent Events - Additional
Subsequent Events - Additional information (Detail) - Subsequent Events [Member] - Newbuildings [Member] - Daewoo Shipbuilding & Marine Engineering Co. Ltd. [Member] $ in Millions | Feb. 29, 2016 | Feb. 18, 2016USD ($)Vessel | Jun. 30, 2016Vessel |
Subsequent Event [Line Items] | |||
Number of vessels | 2 | ||
Vessel One [Member] | |||
Subsequent Event [Line Items] | |||
Sale-leaseback transaction | $ | $ 179 | ||
Vessel Two [Member] | |||
Subsequent Event [Line Items] | |||
Sale-leaseback transaction | $ | $ 179 | ||
Subsidiary of Cheniere Energy [Member] | |||
Subsequent Event [Line Items] | |||
Operating lease arrangement period, lessor | 5 years | ||
Delivered [Member] | Subsidiary of Cheniere Energy [Member] | |||
Subsequent Event [Line Items] | |||
Number of vessels | 1 | ||
Scheduled For Delivery [Member] | |||
Subsequent Event [Line Items] | |||
Number of vessels | 1 |